South American soybean harvest market U.S. soybean export pace showed seasonal slowdown

South American soybean harvest market U.S. soybean export pace showed seasonal slowdown
2014-02-25 10:19 Source: China Grease Net

according to the weekly export inspection report released by the U.S. Department of Agriculture, the export inspection volume of U.S. soybeans was 1.27 million tons in the week ending February 20, 2014, which was 1.485 million tons lower than the revised data last week, but higher than 756000 tons in the same period last year.

With the South American soybean harvest on the market, the pace of U.S. soybean exports showed a seasonal slowdown. However, exports so far this year continue to be higher than in the same period last year.

So far, in the first 25 weeks of the year, U.S. soybean exports have totaled 35.86 million tons, up from 30.087 million tons in the same period last year, an increase of 19.2 percent year-on-year.

The U.S. Department of Agriculture predicted in its February supply and demand report that the United States will export 41.1 million tons of soybeans in the year from September 2013 to August 2014, up from 40.69 million tons predicted last month and 14.45 percentage points higher than the previous year's export volume of 35.91 million tons. In the remaining 26 weeks of the year, 202000 tons of soybeans per week will be exported to meet the USDA's export target.

The U.S. Department of Agriculture's weekly export inspection report shows that the U.S. shipped about 12 shipments of soybeans to mainland China in the past week, down from about 18 shipments the previous week.

In the week ending February 20, 2014, the United States shipped 683,151 tons of soybeans to mainland China, down from 1,001,079 tons the previous week.

In the week ending February 20, 2014, U.S. soybean export inspections to China accounted for 53.7 percent of the total U.S. soybean export inspections that week, down from 68.1 percent in the previous week.