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November 1997
Early Season Sales of Soybeans and
Products Off to a Fast Start
Early season export sales are off to a fast start in 1997/98. Based on the November 14th Export Sales Report, total soybean export commitments (outstanding sales plus accumulated exports) through November 6th are running 13 percent ahead of a year ago. Commitments of soybean meal are running nearly 48 percent ahead of this time last year while soybean oil commitments are up 34 percent. For both soybeans and soybean oil, accumulated exports are significantly above last year's level while soybean meal exports are only slightly above this time last year. Exports of meal to China and Thailand show the largest declines to date. However, both markets show sizeable increases in soybean exports through the first week of November. Other markets showing soybean export growth this year include the EU, Argentina, and Brazil. For soybean meal, outstanding sales to Canada, Mexico, Central America, and the EU show the greatest improvement over last year. For soybean oil, exports to China and Hong Kong exhibit the greatest growth so far this year and account for close to 85 percent of soybean oil exports since October 1st.
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