Dec 24, 2020

Soybeans Higher as Argentine Strikes Continue

Export sales are disappointing, but not surprising given record purchases on the books and seasonal slowdown around holidays

US Export Sales Slowed Last Week

  • Soybean sales for the week ended Dec 17 were below market expectations at a marketing year low 13.0 million bushels.
  • New net sales to China for the week were 137,000 tonnes, but 396,000 tonnes in previously-reported "unknown" sales switched to China.
  • China’s total purchases for 2020/21 are up to 31.8 million tonnes vs 10.9 million last year.
  • Corn sales of 25.6 million bushels were at the low end of the expected range, and were the second lowest of the marketing year to date.
  • The largest sales went to “unknown” buying 10.3 million bushels, while China bought just 472,000 bushels.
  • Wheat sales of 14.5 million bushels were the lowest in five weeks, and fell below last year’s pace.
  • Upland cotton sales of 416,700 running bales were up 14% from the prior 4-week average on increases primarily for China.
  • FBN’s Take On What It Means: Export sales were a bit disappointing, but not really surprising given the record purchases on the books and the approach of the seasonal slowdown around the holidays. Expect sales to pick up again after the start of the new year.

China’s November Grain Imports

  • China imported 1.23 million tonnes of corn in November.
  • That is up from September and October and is the largest monthly import total of corn dating back to at least 2007.
  • Year to date corn imports total 9 million tonnes compared to 4.1 million tonnes last year.
  • Soybean imports were released earlier this month and that total came in at 9.6 million tonnes, up from last year’s 8.3 million.
  • Wheat imports totaled 800,000 tonnes, which was up from October but less than September imports.
  • Sorghum imports came in at 240,000 tonnes, up 300% from November last year with year to date imports up 440% versus last year.
  • FBN’s Take On What It Means: China’s strong import programs are no secret and are lending support to feed grain and oilseed markets. We expect the demand story to continue for the importer in the coming months.

FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)
The risk of trading futures and options can be substantial and may not be suitable for all investors. Past performance is not necessarily indicative of future results.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to, persons residing in Australia and Canada.

Kevin McNew

Recently Added to Buyer's Guide

VersaMix Triple Shaft Mixers

  • For mixing applications requiring efficient powder dispersion and critical homogenization of medium to high viscosity slurries, pastes, gels, creams and suspensions
  • High-shear mixer with solids/liquid injection manifold (SLIM) technology rotor/stator

GUC-F Controller

  • Multichannel feeding and dosing controller
  • Control solution for feeding and weighing applications in powder handling applications
  • Flexible and modular design with analog and digital load cells


  • Offers accurate and reliable continuous mass flow measurement of bulk solids with an accuracy of +/- 0.5% full scale
  • Measures mass of flowable solids with densities of 10 to 100 pounds/cubic foot and flow rates from 700 to 7,000 cubic feet/hour


  • 10.1” touchscreen
  • Easy to install in new or existing systems

Sanderson Farms Feed Mill Expansion - Kinston, NC

  • Construction of a whole grain silo expansion (76’ diameter x 145’ tall) to hold 500,000 bushels
  • Expansion also includes a 12’x17’x22’ deep boot pit extension at the end of the existing receiving tunnel

Horizon Feed Ordering Automation Platform

  • Automates many processes within supply chain for efficient, sustainable and profitable production
  • Manage all bins and orders on a single software platform


Marketwatch: Jan, 18

US Corn Price Idx: ZCPAUS.CM

open: 5.7667
high: 5.8486
low: 5.7266
close: 5.8288

US Soybean Price Idx: ZSPAUS.CM

open: 13.366
high: 13.376
low: 13.2328
close: 13.2696

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.3061
high: 7.3384
low: 7.2334
close: 7.2454

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.0114
high: 7.0566
low: 6.9566
close: 7.0014