International soy market update:

31-Jan-2025 08:13 AM

International soy market update:
On Thursday evening, President Trump announced that a 25% tariff will be imposed on Mexico and Canada starting Saturday. No response has been received from these countries yet. There was no mention of China, although the President indicated that China would eventually have to pay tariffs as well.
On Monday, the USDA will release its monthly Fats and Oils report, with analysts predicting that 217.6 million bushels of soybeans were crushed in December. Soybean oil stocks are expected to be around 1.734 billion pounds.
USDA export sales data for the week ending January 23 showed only 438,002 metric tons of soybean bookings for 2024/25, significantly lower than the expected range of 0.45 to 1.7 million metric tons. This was the lowest in three weeks, down 70.6% from the previous week, but higher than the same period last year. China purchased 145,300 metric tons, while Spain bought 66,300 metric tons. Additionally, 4,520 metric tons of sales were reported for 2025/26, all destined for Japan.
Soybean meal sales were 410,300 metric tons, at the upper end of the 100,000 to 450,000 metric ton range, marking the second-largest sale of the marketing year. The Philippines purchased 140,500 metric tons, and 106,900 metric tons were sold to unknown destinations. Soybean oil sales were 12,452 metric tons, within the estimated range, and shipments of soybean oil were the largest of the marketing year at 103,600 metric tons.