S&P Global Platts' Asim Anand reported on a slump in US Soybean exports to China compared to October of last year. Exports were down to 775,331 mt this October, a stark decline when compared to the 3.4 million metric tons exported in 2020.
Luckily market sources have told S&P Global Platts that exports of US soybeans should soar in November and continue to be high through February 2022. Logistical bottlenecks caused by grain elevator closures after Hurricane Ida hit the Gulf Coast were a large reason for the low export numbers.
Even with the US at full export capacity, China's demand for soybeans is in question. A weak crush margin and soybean prices have lowered demand among Chinese soybean crushers, but the nation is expected to continue its robust hog herd growth.
