International Soybean Market

07-Jan-2025 08:38 AM

International Soybean Market
CFTC's delayed weekly Commitment of Traders report showed that Managed Money reduced their net short positions by 25,436 contracts in the final week of the year, primarily through short covering. As of December 31, net shorts stood at 42,447 contracts. In soybean meal, traders also engaged in short covering, reducing record-high net short positions by 31,429 contracts to 64,942 contracts.
Export Inspections data revealed that 1.285 MMT (47.21 mbu) of soybeans were shipped during the week ending January 2. While this was 21.8% lower than the previous week, it was 23.5% higher compared to the same week in 2024. China was the largest destination, receiving 559,696 MT, followed by the Netherlands with 136,461 MT. Total shipments for the marketing year have reached 29.956 MMT (1.101 bbu), 23.2% higher than the same period last year.
Brazil's soybean exports for December totaled 2.004 MMT, a 47.65% decrease compared to December of the previous year.