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Soybean Exports Surge Behind Chinese Demand

Soybean exports eclipsed 2 million metric tons ((MT)) for the seventh time in the 2014/15 marketing year, a feat that had only been accomplished five times prior to September 2014. Exports for wheat also increased from last week, but corn exports fell after reaching a 16-week high last week. Sales for corn soybeans and wheat all declined this week, something that had not happened since late August of last year.

The surge in soybean exports was due to an increase in Chinese deliveries. This is a change from last month when China canceled 570,000 MT of U.S. soybean deliveries. Analyst believe that China has been canceling deliveries to purchase cheaper soybeans from Brazil. The turn in strategy could be due to the recent reports of poor weather and below average production expectations from the USDA Foreign Agricultural Service ((FAS)), whom decreased expected Brazilian soybean output from 95.5 million MT to… Read More …