US - Latest USDA figures show that 1.7Mt of US soybeans were exported in the week ending 1 January.
This brings total soybean exports for the marketing year so far to 29.6Mt, 4.6Mt higher year on year.
Total US soybean export commitments (accumulated exports and outstanding sales) reached 43.2Mt, edging closer to the USDA’s current 2014/15 forecast of 47.9Mt.
Will this figure be revised higher when the next supply and demand estimates are released on Monday 12 January?
Visit HGCA for breaking news on Monday evening after the report is released.
China is the main customer for US soybeans, accounting for 63 per cent of total sales and exports so far.
The strong pace of exports is reflecting continuing global demand for soybeans, which will be influential in providing support to prices as the market awaits the South American soybean crop.
The bullish news emanating from the release of US export data, however, was kept in check by falling soymeal prices.
TheCropSite News Desk