China Dominates U.S. Soybean Exports, Corn Sales Decline

China has emerged as the largest buyer of U.S. soybeans in recent weeks, purchasing over 80% of new crop export sales during the week ending August 6th. The USDA reports that China bought more than 65,900 tons of soybeans, while Japan purchased around 52,100 tons.

New crop corn sales declined slightly on the week, but still remain solid, with Mexico leading the way as a major buyer. Physical shipments of corn were larger than projected for the current marketing year.

The USDA's next round of supply and demand estimates is scheduled to be released on September 11th. Wheat exports have decreased by 14% from the previous week, while pork export sales increased by 33% from the prior week.