International Soybean Market

31-Dec-2024 08:58 AM

International Soybean Market
The USDA reported a private export sale of 23,000 metric tons of soybean oil to India for the 2024/25 shipment this morning.
In the weekly Export Inspection Report, U.S. soybean exports during the week ending December 26 totaled 1.57 million metric tons (57.67 million bushels). This was 61.7% higher than the same week in 2024 but 11.5% lower than the previous week. China was the largest destination, receiving 751,115 metric tons, followed by Egypt with 219,120 metric tons and Turkey with 136,789 metric tons. Total shipments for the marketing year have reached 28.596 million metric tons (1.05 billion bushels), 22.9% higher than the same period in 2023/24.
CFTC data showed that as of December 24, managed money reduced their net short position in soybean futures and options by 8,369 contracts, bringing it down to 67,883 contracts. Meanwhile, in soybean meal, speculators added 7,400 contracts to their record net short position, raising it to 96,371 contracts.
In South America, weather forecasts indicate continued dry conditions in Argentina and parts of southern Brazil. However, heavy rainfall is expected across most of Brazil's key production areas in the coming week. USDA’s attaché in Brazil increased the production estimate to 165 million metric tons, citing expanded acreage, while the official USDA figure remains at 169 million metric tons.