Soybean sales update – 10/8/2020

The U.S. had sold 1.5 billion bushels of soybeans as of early October compared to slightly less than 600 million bushels at the same time last year. China has been the driving force behind the surge in sales.

The accompanying scatter study displays crop year soybean exports as a function of early October sales. Note that the USDA estimate of 2.15 billion bushels is low on the study. Accepting that China has skewed early sales there still appears to be room for a more robust U.S. soybean crop year export estimate.