Soybean exports for the week of Jan. 5 picked up by 9.6 percent from the previous week, putting accumulated shipments at 29.7 MMT (1 billion bushels). Weekly net export sales, on the other hand, slowed to 717,415 MT. Outstanding sales were down to 14.7 MMT (575 million bushels).
January 2022/23 started strong with soybean export volumes to China up by 26 percent week over week, raising China’s share of U.S. total soybean exports to 70 percent. This has been an increase after two consecutive week-on-week declines. Net export sales also shot up 60.4 percent, to 676,646 MT, from the previous week.
On the other hand, weekly exports to Mexico slowed dramatically by 57 percent to 66,673 MT with outstanding sales at 1.5 MMT. Nonetheless, weekly net exports sales to the country were good at 100,375 MT.
USDA lowered projected 2022/23 U.S. soybean exports in the January WASDE by 55 million bushels from last month. USDA also revised Brazil’s soybean exports forecast for 2022/23 to 97 MMT based on the availability of supplies and high demand for soybean products.
Weekly soybean export sales to China
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