26 June Export Comments
The dog days of summer, except in corn...
Soybean export sales for the 2025-26 crop year remain very weak compared to historical averages. This isn’t a surprise. I still believe that the market harbors lots of concern about the trade tensions between the US and China. Further, Brazil’s continued availability from this year’s Brazilian, and global, record production has dampened demand. I think it’s far too early to get extremely concerned—as one can see from the plot above, there have been years in which a start this slow did recover to meet USDA export estimates. However just because we are all tired of talking and hearing about trade tension doesn’t mean that tension isn’t real.