According to Oil World, U.S. exports of soybeans may reach 20 million metric tons for the quarter compared to 19.2 million metric tons a year earlier and 14.3 million metric tons in the fourth quarter of 2011. U.S. soybean deliveries for the coming quarter are expected to average 6.7million tons a month – up from 1.4 million tons in September and 370,000 tons in August. In the six months through September the U.S. shipped 5.83 million tons compared to 15.2 million tons a year earlier. After shipping 40.6 million tons in the first nine months, Brazil is left with 1.4 million tons for export in the fourth quarter while farmers in Argentina are retaining their crops to hedge against inflation while waiting for a possible devaluation of the official currency. Should dry weather continue into November in Brazil, and December in Argentina, soy planting will be held back creating bullish conditions for the oilseed in the future.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free bi-weekly enhanced eNews service