USDA Oilseed: World Markets and Trade
13 August 2015
USDA Oilseed: World Markets and Trade - 13 August 2015
New Crop U.S. Soybean Sales Fall on Surging South American Exports
As of the beginning of August, U.S. outstanding sales for the next marketing year are running at only half the volume observed over the past two years. This is the slowest pace of new crop sales since 2008 and has occurred despite ample supplies and growing China demand.
Several factors have contributed to the slow sales seen thus far. September 1 U.S. stocks are forecast to be over twice as large as observed in the previous year. These abundant stocks reduce the risk that buyers face in securing supplies, making it less critical to book sales in advance. Additionally, the United States is facing strong competition from record South American supplies. The weakening Brazilian real has continued to spur sales while Argentina’s exports are up significantly from last year. With record monthly South American exports expected through September, early season U.S. sales are expected to remain sluggish.
Published by USDA Foreign Agricultural Service
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