U.S. soybean exports decline

According to the US Department of Agriculture, the United States exported 984,400 tons of soybeans to international markets between December 1 and 7, the lowest in 10 weeks and also the lowest since 2018, i.e. since the US-China trade war.

However, this does not necessarily mean that US export plans are in jeopardy, as targets have already been relatively low this year. Nevertheless, transportation delays through the Panama Canal due to the drought could be a major issue, as they could continue through 2024.

USDA is forecasting that total U.S. soybean exports for the 2023/24 season will be the lowest in four years, down 12% from the previous season.

However, the past two weeks have been unusual, with soybeans accounting for about 43% of the total crop shipped, well below the average of 60%.

In terms of sales, the outlook for U.S. soybean exports is not greatly inflated. As of Nov. 30, about 68% of USDA’s target for the current season had been reached, which is in line with the past two years. However, it is worth noting that the amount of soybeans not shipped actually increased in November, for the first time since 2007.

Tags: soybean, USA, export