Brazil’s soybean exports are expected to come in 14-18% down on the year in 2019 due to lower production and reduced buying by China. The country, which is one of the world’s top soybean exporter, is projected to export 71.5 million tons in 2019, down 14.5% from 83.6 million in the previous year, according to the Brazilian agricultural agency Companhia Nacional de Abastecimento. Conab attributed the decline to reduced Chinese soybean imports, a decreased harvest projection of 115 million tons in harvest year 2018-19 (September-August) — 4 million tons lower than 2017-18 levels — and rising domestic demand for biodiesel use.
Soybean futures ended the Monday session with most contracts 4 to 5 cents higher. Meal futures led the way to the upside,
up $3/ton in the nearby contract, with soy oil 17 points lower. Positive news spin on the US/China trade talks propped up the
market. The USDA indicated that 843,925 MT of soybeans were shipped in the final week of February, with a total of 337,598
MT to China. That was down 35.48% wk/wk and 17.14% lower yr/yr. Total inspections this MY have totaled 25.953 MMT, down
33.12% from this time in 2018.