US soybean exports in 2025/26 lag nearly 50% behind Last season

For the week ending December 4, U.S. soybean export inspections totaled just 1.02 million tonnes — 720,000 tonnes less than during the same week last year. Although the figure increased compared with the previous week, the overall trend remains negative.

Since the start of the 2025/26 marketing year on September 1, cumulative soybean inspections have reached 12.9 million tonnes, almost half of the 23.6 million tonnes recorded at the same point last season. This indicates a notable weakening in global demand for U.S. soybeans, despite the resumption of shipments to China.

Mexico and China remain the primary buyers, but their purchases are insufficient to offset the broader decline. Analysts attribute the downturn to stronger competition from Brazil and Argentina, which are offering soybeans at more competitive prices, as well as to large carryover stocks that importers accumulated after recent record harvests.

In contrast to soybeans, U.S. corn exports are accelerating rapidly: weekly inspections reached 1.45 million tonnes, and cumulative shipments are already 69% higher than last year. Wheat also shows a positive trend, with season-to-date exports up 21%. However, the sluggish pace of soybean shipments continues to pressure U.S. farmers and may lead to stock accumulation and further declines in domestic prices.

Tags: export, soybean, USA