April 2001 Edition
Strong U.S. Soybean Exports to Date Should Lead to Marketing Year Record
The strong pace of U.S. soybean shipments this marketing year to date should help U.S. soybean exports reach a record level of 26.9 million tons. Through the end of March, U.S. soybean shipments totaled 21.6 million tons, 1.7 million tons more than at the same time last year. In addition, U.S. exporters have secured commitments from foreign buyers for another 2.9 million tons this marketing year, which will end August 31. However, the pace of U.S. soybean exports is expected to slow in the coming months. The large wave of South American production that is beginning to enter the market should cause the current large gap between this years exports and last years to narrow, although still be record large. Strong demand from China has been the primary driver in the increased exports to this point. Through the end of March, the U.S. has shipped over 5.3 million tons of soybeans to China, and has received commitments for an additional 450,000 tons. Last year at the same time China had purchased 3.2 million tons. Increased U.S. exports have also been recorded to Mexico, the Middle East, and North Africa compared to last year, while decreases are seen to the EU, and Asia, excluding China.
Approved by the World Agricultural Outlook Board/USDA