U.S. soybean exports for the week of May 11 declined by 54 percent from the previous week, putting accumulated shipments at 47.7 MMT (1.8 billion bushels). Weekly net export sales declined to 16,950 MT. Outstanding sales were down to 3.1 MMT (114 million bushels).
The week of May 11 recorded a reduction in soybean export volumes to China by 6.2 percent week over week. China’s share of U.S. total weekly soybean exports fell to 2.4 percent. Cumulative exports to China as of May 20 were up 10.3 percent from the previous year. Net export sales fell into the negatives as 119,180 MT of soybean exports were cancelled.
Shipments to Mexico for the week of May 11 rose by 7.3 percent from the previous week to 79,721 MT. Weekly net sales of soybean exports shipped to Mexico increased to 34,198 MT. Outstanding sales were 653,348 MT.
In the May WASDE, USDA forecasted the 2023/24 U.S. new soybean crop exports to be 40 million bushels fewer than last year’s 2.0 billion bushels estimate.
The full version of this commentary appeared on our IQ platform May 18, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers. Learn more about becoming a subscriber.
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