International Soybean Market

22-Jan-2025 08:12 AM

International Soybean Market
According to the USDA's Export Inspections report, 973,145 MT (35.76 mbu) of soybeans were shipped in the week ending January 16. This marks a 17.9% decline compared to the same week last year and a 28.3% drop from the previous week. China was the largest destination, receiving 494,617 MT, followed by Mexico with 90,784 MT. Total marketing year sales reached 32.298 MMT (1.187 bbu), reflecting a 20.6% increase compared to the same period last year.
On Monday, President Trump indicated a less aggressive approach to tariffs, delaying implementation to review current trade agreements and policies with China, Canada, and Mexico.
According to AgRural estimates, 1.7% of Brazil's soybean crop had been harvested by last Thursday. Abiove raised its estimate for Brazil's soybean crop to 171.7 MMT, up from its previous estimate of 168.7 MMT.