U.S. Soybean Meal Exports Hit Record Volume
- General News
Exports of U.S. soybean meal achieved a record level for the first six months of the current marketing year according to the latest Census report.
Export shipments for the period October 2013 to March 2014 reached 7,023,122 metric tons (MT), surpassing the same periods for the 2010 and 2013 marketing years when supplies from South America were reduced. The volume increase came at the very beginning of the season as South American shipping delays caused buyers to turn to the U.S. as soon as new crop was available. Much of this early demand came from the European Union, which has recognized U.S. quality and U.S. logistical advantages, especially from ports on the East Coast.
Another region that has seen a notable uptick is Southeast Asia, where shipments of U.S. soybean meal have recovered compared to the prior marketing year. Shipments to Southeast Asia rose 49% (1766/1185) during the first 6 months of the current marketing year.
The seasonality of export demand for U.S. soybean meal has increased, as the U.S. has become very competitive to most destinations during the first half of the marketing year. Export volume for the first 6 months is expected to represent 70% of total export shipments this marketing year.