US SOY EXPORTERS OFF TO WORST NEW-CROP START IN 23 YEARS AMID CHINA’S ABSENCE
As of May 9, U.S. soybean export sales for the 2024-25 marketing year starting Sept. 1 had reached just 890,387 metric tons, a 19-year low for the date and almost two-thirds lower than a year ago. China’s lack of interest in new-crop U.S. soybeans has become a sore spot for bean bulls. Some industry analysts fear President Joe Biden’s recent tariff escalation on Chinese goods could further harm the already-shaky U.S. grain and oilseed export program. Beijing has vowed retaliation, calling the U.S. move “bullying” on Wednesday.
USDA pegs total 2024-25 U.S. soybean exports at 49.7 million tons (1.825 billion bushels). USDA on Wednesday reported a 60,000-ton new-crop soybean sale to unknown, packaged with a 120,000-ton old-crop sale. Soybean sales for 2023-24 have also been sluggish, as just 13% of the full-year target has been sold since Jan. 1, equal to last year’s pace but below the average of around 20%. Brazil is at the height of its soybean export season, padding China’s supply and reducing its immediate needs for U.S. beans.
USDA sees both 2024-25 U.S. soybean and corn exports up on the year. As of May 9, U.S. corn sales for 2024-25 stood at 2.3 million tons, a six-year low for the date and down 14% from a year ago. The situation is worse relative to USDA’s full-year corn export projection, which was just 4.1% covered as of May 9, the date’s smallest portion in 14 years. Additionally, USDA on Tuesday announced a new-crop U.S. corn sale to Mexico worth 270,000 tons.
(Link: VietnamAgriculture)
