U.S. soybean exports to non-China destinations have increased 45% year-over-year in the first 7 weeks of the 2025/26 marketing year. But that growth made only a slight dent in offsetting the lost demand from China's boycott of U.S. beans.
Analysis of USDA export inspection data for September through October 16--the first 7 weeks of the 2025/26 market year--shows that exports are overall down -2.5 million metric tons from the same period in 2024. Sifting through the USDA database shows that exports to China during this period last year were 4.2 mmt versus 0 this year. Exports to non-China destinations were 3.8 mmt in the first 7 weeks of MY2024/25, but they increased to 5.5 mmt so far in 2025/26. That's a year-on-year increase of 1.7 mmt, or 45%, but plugs less than half of the 4.2-mmt hole left by China's snub of U.S. beans.
Most of the top overseas markets for U.S. soybeans have increased their purchases. The U.S. has exported soybeans to 34 destinations so far in MY 2025/26. The top markets are Mexico, Egypt, Bangladesh, Pakistan, and Japan, each of which registered increased sales year-over-year. Sales to Bangladesh and Pakistan each increased by about 400,000 mt from last year. Italy, Spain, Turkey, Taiwan, and Iraq registered increases ranging from 76,340 mt to 194,642 mt. Germany, the 6th-largest destination so far, had a drop in sales of nearly 240,000 mt.
China is also a top buyer of U.S. sorghum, and the latest USDA report indicates that exports of sorghum for MY 2025/26 are down -346,397 mt year-over-year. On the other hand, MY 2025/26 corn exports are up 3.5 mmt and wheat exports are up 1.9 mmt year-over-year, despite lack of sales to China for these grains.
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