International Soybean Market Update

28-Dec-2024 08:13 AM

International Soybean Market Update
For the week ending 12/19, U.S. soybean sales for the 2024/25 season totaled 978,351 metric tons (MT), below analysts' estimates of 1-1.8 million metric tons (MMT) and marking the lowest level of the marketing year. China was the top buyer with 410,600 MT, followed by Spain with 259,500 MT. An additional 125,000 MT was sold for the 2025/26 season, at the higher end of the 70,000-125,000 MT estimate.
Soybean meal sales totaled 485,635 MT, with 389,634 MT sold for 2024/25, exceeding trade estimates of 200,000-450,000 MT. Colombia was the largest buyer at 154,100 MT. Soybean oil sales reached 40,400 MT, significantly surpassing trade estimates of 5,000-15,000 MT.
The Buenos Aires Grain Exchange revised Argentina's soybean acreage estimate to 18.4 million hectares (45.47 million acres), down 0.2 million hectares (~500,000 acres) from its previous forecast.