Soybean exports from Brazil fell to 255,113 Mt/d in June from 398,945 Mt/d in May. Both levels were sharply below the same periods a year earlier, with exports in June 2020 at 411,596 Mt/d. Some farmers were said to be holding back exports while awaiting higher prices, but prices have been sideways or lower since a peak was reached about a month ago. Argentinian exports were also down in June to just 11,622 Mt/d. That is down 41% from May and 73% lower than a year ago.

Part of the decline is also normal seasonality, as exports from both countries typically peak in April or May and decline steadily through January before rising again.

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