It’s been a month of marketing year lows for soybeans. The USDA says old crop soybean export sales for the week ending July 7th notched a marketing year low for the fourth consecutive week, with the last three weeks net reductions following cancellations, mainly by unknown destinations, which is likely China. The cancellations are linked to high U.S. prices relative to Brazilian soybeans and the recent strength in the dollar. Beef and cotton also hit marketing year lows, while corn, soybean product, sorghum, and rice sales posted week-to-week declines.
