Lost Soybean Sales to China Continue to Climb

Market Intel / July 10, 2018

In May, we reported on accumulated losses of U.S. soybean sales to China that seemed to coincide with trade announcements. A lot has happened on the trade front over the last six weeks, so we wanted to check back in on 2017/2018 U.S. soybean sales. According to the latest USDA export sales data released on July 6, covering trade through June 28, total lost soybean sales have now exceeded 5 million metric tons. This is more than 2 million metric tons higher than cancellations the same point in the 2016/2017 marketing year and more than 1 million metric tons higher than the level of cancellations throughout the entire 2016/2017 marketing year. In the unlikely event that no more cancellations occur, and the U.S. ships the remaining 772 million metric tons in outstanding sales to China, U.S. soybean sales for the fully 2017/2018 marketing year will be more than 8.5 million metric tons below 2016/2017, a decline of more than 23 percent.

Contact:
Veronica Nigh
Economist
(202) 406-3622
veronican@fb.org
 

Share This Article

 

USDA’s July 16 Crop Progress report revealed 72 percent of the U.S. corn crop in good-to-excellent condition as of the week ending July 15, down 3 percentage points from the prior week. The good-to-excellent ratings were slightly below expectations of 74 percent of the crop in good-to-excellent conditions, but above the prior year’s level of 64 percent and the five-year average of 70 percent. The percent of the crop in poor to very poor condition was 9 percent, up from last week’s 7 percent. However, while crop conditions have declined slightly, 30 out of 45 states currently have corn in good-to-excellent condition, beating their five-year average.

Full Article
 

Data recently released from US Department of Labor, Office of Foreign Labor Certification, indicates that U.S. farmers and ranchers are continuing to demand an increasingly large number of foreign workers via the H-2A Program. In the third quarter of FY2018, DOL certified 81,418 positions nationally, which is up more than 29 percent from the third quarter of FY2017 when DOL certified 63,072 positions. Even more impressive, Q3 2018 position certifications are more than 160 percent larger than the same period just five years ago.

Full Article