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US exports of soybeans jumps 30% as trade in wheat and corn slumps

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US exports of soybeans jumped 30% in the week ending July 11 as trade in wheat and corn fell by more than two-fifths.

Thursday morning’s US government (USDA) export sales report showed 58,400 tonnes of soybean were traded in the week - up 30% from week-on-week and elevated 16% above the four-week average.

Primary destinations for consignments were to Iraq (29,500 tonnes), Haiti (15,000 tonnes), Guatemala (6,900 tonnes), Mexico (2,000 tonnes), and Japan (1,500 tonnes).

By contrast, wheat export figures slumped in the week to 286,400 tonnes for 2019-20 crop, down 57% from the previous week and 49% percent from the prior 4-week average. Taiwan was the recipient of 50,000 tonnes, followed by Colombia (48,600 tonnes), Japan (42,600 tonnes), Algeria (30,200 tonnes), and Haiti (27,500 tonnes).

Corn exports were also reduced, down 40% at 682,400 tonnes from the previous week and 1% from the prior 4-week average. Consignments were headed towards Mexico (302,800 tonnes), Japan (143,300 tonnes), Colombia (63,800 tonnes), South Korea (60,000 tonnes), and Guatemala (30,600 tonnes).

Exports of soybean cake and meal were up 74% week-on-week to 193,200 tonnes and 32% on the prior 4-week average.

Cotton exports dropped back to 310,000 running bales during the week, 7% from the previous week and 6% from the prior 4-week average. Exports were primarily to India (89,200 running bales), Vietnam (57,100 running bales), Turkey (33,500 running bales), Bangladesh (27,100 running bales), and Mexico (14,500 running bales).

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