Soybean exports projected to meet targets; China seeking traceability

As the 2019-20 U.S. marketing year nears its close, U.S. exports of soy and corn have much different outlooks as the industry hopes to meet volume projections.

Soybean exports are on pace to meet expectations despite a two-year low in exports to China in May, according to Reuters. These losses were offset by the second-largest volume shipped to the rest of the world for the month since 2018 and strong sales in June, which surpassed projections.

Corn, meanwhile, on the heels of a slow start to the year, is expected to come up short of projections – even with May’s total finishing as the second-largest for the month on record and the largest one-month total since August of 2018. However, sales in June fell short of expectations, leaving year-end targets likely out of reach.

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China seeking traceability
Bloomberg recently reported that China’s biggest food company, Cofco, is publicly vowing full traceability for all the soybeans it buys directly from farmers in Brazil by 2023.

This could show that the U.S. getting ahead on promoting traceability, which could have some traction in the Chinese market if non-GMO product can obtain market access.

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Compiled by Alyson Segawa, SSGA Technical Adviser, North Asia