Chicago — Net export sales for 2018-2019 US crop soybeans totaled 1,148,644 MT in the week ended August 16, up 100.97% from the previous week, data from US Department of Agriculture showed Thursday.
The figure was roughly double market expectations of 400,000-650,000 mt, sources said.
Net export sales for the current 2017-2018 crop year were 152,686 mt in the week ended August 16, up 14.45% from the previous week. Since the current crop year began September 1, total commitments - cumulative exports plus outstanding sales - are up to 58,761,717 mt.
The largest increases for the most recent week in 2017-2018 crop year net sales were Indonesia with 88,697 mt, the Netherlands at 85,937 mt, Germany with 79,407 mt, Egypt with 57,441 mt, and Spain with 50,000 mt.
The largest increases reported for the 2018-2019 crop year net sales were Mexico with 403,078 mt, Taiwan with 127,500 mt, and Thailand with 90,994 mt. Another 360,000 mt was categorized as "unknown destination."
Total weekly exports of 626,541 mt were 6.82% higher than the previous week.
Net sales are considered a more appropriate indicator of strength of the soybean market than physical exports because they reflect new sales.
