U.S. soybean exports were a bit above the seasonal average last week, although nothing shocking. Sales remained strong, with China adding a net 395,540 MT (well above average for this time of year) and sales to unknown destinations (often China) rising by a net 267,600 MT. Egypt and Taiwan were also major buyers during the week ending Mar. 10.
The world market just came off Brazil’s record-setting shipment pace in February—almost 6.3 MMT were reportedly shipped last month out of Brazil—and the added sales we’re seeing now for U.S. beans are likely for shipment after Brazil has moved through its export volume. Brazil’s ports should be very busy for the next few months.
Outstanding export sales to China
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