Last week, Mexico bought a net 356,600 MT of U.S. soybeans, which raised its outstanding orders to 2.05 MMT, up 18 percent from outstanding sales last year to date. Outstanding sales to Mexico have increased 83 percent from 1.12 MMT at the end of December, a seasonally atypical shift that may indicate Mexico’s apprehension about the U.S. market if South American soybean production comes in at the low end of expectations. Exports to Mexico have been around average; cumulative shipments were 2.17 MMT as of Jan. 27, compared to 2.27 MMT to date last year.
China’s activity in the U.S. soybean market was around average for the end of January, for both shipments and order management. For the week of Jan. 27, China’s sales reductions were greater than new purchases, leading to negative net sales for the week.
U.S. outstanding soybean export sales to Mexico by season
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