International Soybean Market Update

16-Jan-2025 08:11 AM

International Soybean Market Update
Ahead of Thursday morning's export sales report, traders estimate soybean export sales for 2024/25 to range between 300,000 to 800,000 metric tons (MT) and 0 to 100,000 MT for 2025/26. Soybean meal sales are expected to be between 150,000 and 300,000 MT, while soybean oil sales are projected at 10,000 to 50,000 MT.
According to NOPA crush data, December's soybean crush totaled 206.6 million bushels (mbu), exceeding estimates by 1 mbu. This represents a 6.96% increase from the previous month and a 5.77% increase compared to December 2023, setting a new all-time monthly record. Soybean oil stocks stood at 1.24 billion pounds, the highest in five months but 9.11% lower than the end of 2023.
Argentina's soybean production is likely to fall below the earlier estimates of 53-53.5 million metric tons (MMT).