New-Crop Sales to China: How Do they Actually Measure Up?
By American Farm Bureau
New-crop sales of soybeans, corn, sorghum and cotton to China have been getting a lot of attention. These purchases are being closely watched and interpreted as potential signs as to whether China will be fulfilling their Phase 1 commitments, which were finalized in January 2020. Data from USDA’s Foreign Agricultural Service’s U.S. Export Sales Report, released on August 13 and covering sales through August 6, back up the rumors of large sales. However, how do new-crop sales compare to previous years? To find out, we compare new-crop sales (2020/21 marketing year) to the similar week from the last five years.