US Soybean & Soybean Meal Export Sales Strong – 01/27/2022
US soybean export sales had totaled 45 million tonnes by mid January 2022 which was down from a year ago but near the recent uptrend. The reduced sales from a year ago was due to the limited activity of China in the US soybean market. China has preferred to wait for the availability of South American new crop soybeans. However, the possible reduction in Argentine and Brazilian soybean production estimates this spring could result in China crowding out other international buyers forcing them to source old crop US soybeans.
Mid winter 2022 US soybean meal export commitments totaled 7 million tonnes which is in the upper range of data in the last 10 years but exceeded by winter meal export sales in both 2015 and 2019.
Increased soybean and soybean meal exports would tighten the old crop soybean supply/usage balance and support soybean prices this spring.