Soybean exports for the week of Mar. 2 slowed down by 34 percent from the previous week, putting accumulated shipments at 42.1 MMT (1.5 billion bushels).
March started with soybean export volumes to China down by 36 percent week over week. China’s share of U.S. total soybean exports dropped for the second consecutive week to 45.1 percent. The decline in exports to China is as expected during this time of the marketing year.
Shipments to Mexico have increased consecutively over the past two weeks. Weekly soybean exports rose slightly by 2 percent from the previous week to 107,728 MT.
In the March WASDE, USDA increased the forecast for 2022/23 U.S. soybean exports by 25 million bushels (16,000 MT). USDA’s forecast on Argentina’s production was lower than the average of analysts’ expectations, at 33 MMT, due to the persistent drought in the country, which could potentially affect yield.
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