US: Soybean Exports Up Compared to Last Year, Corn and Wheat Down

Export sales of most US bulk commodities are down from the same time a year ago so far this fiscal year. Wheat is down by 3% and corn is significantly lower, down 31%. But there is one commodity still doing better than last season.

“Soybean exports up 12% from last year,” says USDA economist Bart Kenner. Soybeans are up over $28 billion.

Kenner says it’s not all on price either. For the first seven months of the trading year, soybean export volumes are up as well.

Kenner shares the possible reasons for that, saying, “The oilseed market has been particularly tight. There have been tough crop years in recent years for some of the large producers.”

Demand for vegetable oils has been very high to make products like industrial lubricants and biofuels.

Kenner says the single biggest buyer of US soybeans so far has been China, with 65% of US soybean exports going to that country.

Tags: China, corn, export, price, Oilseed, soybeans, commodities, US, wheat, sales, Market