USDA Soyabean and Wheat Trade Forecasts

Grain

Record early season sales boosted expected US soyabean exports to a peak of 59.9 Mt in 2020/21 (Oct-Sep), up 2.0 Mt from September’s report, according to the US Department of Agriculture (USDA). Robust demand has supported Chinese imports, which are now projected to climb to a record 100.0 Mt (+1.0 Mt).

Turning to wheat markets, the USDA revised its forecast for Russian wheat exports higher by 1.5 Mt from the previous month’s report to a three year high of 39.0 Mt in 2020/21 (Jul-Jun). This offset 0.5 Mt apiece falls in expected Argentine and Ukrainian shipments, which are projected at 13.0 Mt and 17.5 Mt, respectively. Meanwhile, with strong demand from State Trading Enterprises, the USDA lifted its forecast for Chinese wheat imports by 0.5 Mt to 7.5 Mt, the highest since 1995/96.