US soybeans enter China market late in season

Jul 16, 2024

Delayed start for US soybean sales to China amid fierce competition

By Farms.com

China has initiated its soybean imports from the U.S. for the 2024 crop season with a purchase of 132,000 metric tons, signaling a cautious start amidst strong global competition.

This year's initial transaction occurs much later than the previous season, reflecting China’s increasing reliance on South American soy due to their lower costs associated with currency devaluation and large harvests.

In contrast to the vibrant market activities in Brazil, U.S. soybean exports to China have seen a significant decrease, dropping over 20% in the last year. Despite these challenges, the U.S. has experienced a surge in soybean meal sales to Mexico, aiming to recover from a slump to a nine-year low last season.

The USDA notes that global soybean prices are expected to remain competitive after the harvest, influenced by bumper crops in Brazil. This situation poses ongoing challenges for U.S. exporters who are grappling with Brazil's advantageous pricing and extensive production forecasts.

Looking forward, the USDA projects a shift in market focus towards the U.S. harvest progress and crop size. However, with Brazil's continued dominance in the market due to cost-effective pricing and high yield forecasts, U.S. soybean exports may face sustained competitive pressures.

This scenario highlights the dynamic nature of the global agricultural market, and the strategic adjustments U.S. soybean exporters need to consider in response to evolving international demand and competitive challenges.

Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.