In the world of U.S. Soy, September marks a changing of the seasons. Combines are starting to hit the fields and U.S. soybean farmers are hard at work to deliver what looks like a strong crop for 2020. We have moved out of the 19/20 marketing year, which saw the U.S. export nearly 45 million metric tonnes (MMT) of whole soybeans; and based on new crop bookings, 20/21 looks to be an even stronger year for U.S. soybean exports. From July 31 to September 3, China purchased over 6.5 MMT of U.S. new crop (MY 20/21) soybeans, bringing total new crop sales to China to 15.5 MMT heading into the new marketing year. But it’s not just China – U.S. export commitments to all overseas destinations going into the new season are over 29 MMT, a record high. Demand strength in the domestic market continues as well, with monthly crush figures above prior year levels, animal agriculture rebounding, and high demand for soybean oil in biodiesel. With all eyes on the United States’ harvest as we enter our peak selling season, let’s look back at the major dynamics impacting soybean markets in August, included here in U.S. Soy’s Market Intelligence Monthly report for August 2020.
