Export sales of U.S. soybeans are off to a rocky start. The new marketing year began this month, and they are already sitting at five-year lows.
Soybean sales are down five percent on the year, and a big driver behind the decline is weak demand from China. Chinese purchases of U.S. soybeans have hit 19-year lows, outside of trade concerns in 2018 and 2019.
Brazil has become a top exporter of soybeans and has taken a big chunk of those purchases from U.S.
Brazil has less soybeans to export this year, but transportation issues in the U.S. are making it difficult to get them to market.
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