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Friday’s global agriculture market briefs

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Chinese customs data shows that country imported 10.09 million metric tons (MT) of soybeans during July, a 16.9% jump from the 8.63 million MT the country imported in July of 2019 but a 9.6% decline from the record-breaking 11.16 million MT of soybeans it imported in June.

 

Brazil was the top supplier. For the first seven months of the year, China brought in 55.14 million MT of soybeans, a 17.7% increase from last year at the same time.

 

Friday morning private exporters reported to the US Department of Agriculture export sales of 456,000 MT of soybeans for delivery to China during the 2020/2021 marketing year.

 

French farmers were 99% finished with their wheat harvest as of August 3, the country’s farm office reported. Recent hot, dry weather helped farmers to complete harvest of the small crop around five days faster than the five-year average.

 

The Adjusted World Price for cotton increased to 49.94 cents per pound, effective Aug. 7, up from 47.71 cents per pound the prior week. This marked the third week in a row the AWP has been under 50 cents per pound.

 

US corn and soybean futures are steady to narrowly mixed in early dealings Friday. Generally favorable US weather and uncertainty about US-China relations are bearish.

 

Next Wednesday August 12th the USDA releases its first survey-based US corn and soybean crop estimates and updates US wheat production and world supply & demand balance sheets.

 

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