U.S. soybean exports are headed for a record 1.77 billion bushels this marketing year, nearly 45 percent of the largest crop ever grown by U.S. farmers, says USDA. If the estimate proves true, exports would be 7 percent larger than last season. Soy exports in November were 411.9 million bushels, the highest monthly total ever, says USDA’s Oil Crops Outlook report. There were signs that exports during December would be the highest on record for that month.
“A slowing of the brisk export pace may set in before spring, however, as new sales commitments have begun tapering off. Soybean importers may already be well-covered for their near-term needs,” said the report. Brazil also is forecast to harvest a record soybean crop, so “within a few weeks, robust export competition…will also commence.” Just as Brazil’s crop may dampen U.S. sales, USDA says, “The pressure of large U.S. stocks is seen swelling Brazil soybean stocks in September (2015) to 25.8 million tonnes, compared to 16.5 million tonnes a year earlier.” U.S. stocks are forecast for 410 million bushels at the end of this marketing year, the largest inventory in eight years.