U.S. soybean export sales have hit a marketing year low as of February 15th. USDA data says sales were sharply lower than the week prior and below the four-week average following a significant cancellation by an unknown destination. Rice is also hitting a marketing year low, with other major commodities down on the week, as well.

Export decisions can be influenced by the value of the U.S. dollar relative to other currencies and geopolitical situations. Soybean sales dropped a whopping 84% due to a cancelation of nearly 600,000 tons. China and Indonesia purchased 128,300 tons. So far in 2024, exports are at 1.428 billion bushels compared to 1.778 billion one year ago.

Read more on export data here.