SÃO PAULO, BRAZIL — Brazil’s soybean exports dropped 34.4% in August compared to the previous year, and were down 32% compared to the previous month, according to data from the Secretariat of Foreign Trade of Brazil (SECEX).

So far for the year, exports are down 9.5%, S&P Global Platts reported. Brazil has shipped 80% of soybeans to China since January. Other major destinations include Spain, Turkey, Iran and the Netherlands.

Brazil has an advantage in the Chinese soy market given the ongoing trade war between the United States and China, S&P said, citing sources.

But increasing soybean prices, higher domestic demand and lower inventories may limit export growth in the last quarter of the year.

Soy meal exports were down 6% year-over-year in August to 1.36 million tonnes. Top destinations included the Netherlands, Indonesia, France, Thailand and South Korea.

Soy oil shipments also were down 52% in August to 99,700 tonnes.