US Soybean Exports Drop 27% While Brazil Achieves Record High

Nov, 03, 2023 Posted by Gabriel Malheiros

Week 202341

According to data from TF Agroeconômica, the United States saw a 27% decline in soybean exports in the last week. “The United States Department of Agriculture (USDA) reported that 1.01 million tonnes of soybeans were sold during the week ending on 10/26, a 27% decrease compared to the previous week, but in line with expectations. The 1.99 million tonnes of weekly shipments raised the total for the season to 9.863 million tonnes, compared to 9.82 million tonnes last year,” the report stated.

In this context, the consultancy indicated that external sales of soymeal also dropped. “FAS data showed that soybean meal export sales were 86,000 tonnes, and soybean oil stocks were at 1,900 tonnes for the week ending on 10/26. Both were below or at the lower end of market expectations,” it added.

Meanwhile, Brazil achieved a record high in soybean exports in October. “Brazilian soybean exports totaled 5.53 million tonnes in October, a record for the month, as last year’s record harvest surplus continues to be shipped (and to decrease US shipments because customers still don’t need them),” the report highlighted.

The chart below, developed with Datamar data, shows Brazil’s soybean exports to China between 2019 and Aug 2023. The data is from DataLiner.

Soy exports to China | Jan 2019 – Aug 2023 | WTMT

Source: DataLiner (click here to request a demo)

On the other hand, China increased its soybean imports by nearly 15%. “Chinese Ministry of Agriculture data showed that 77.8 million tonnes of soybeans had been brought in by 2023, 14.4% more than in the same period of 2022. They project an annual total of 105 million tonnes, representing a 15% increase over last year’s imports,” the report concluded.

Source: Agrolink

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