United States soybean exports hit a new record for the 2020-21 marketing year at 61.65 million metric tons and a value of over $28 billion. United Soybean Board vice president of market intelligence Mac Marshall says the volume increase is a result of the diversification of international markets.
The U.S. also set a record for all soy products with beans, meal and oil combined at 74.8 million metric tons.
However, so far in the current market year exports and China purchases are running more than 32-percent behind last year. Marshall there are several contributing factors.
Shipping is normalizing. So, Marshall believes soybean exports will catch up but may not set another record this year.
