International Soybean Market Update

17-Jan-2025 08:07 AM

International Soybean Market Update
The USDA reported a private export sale of 132,000 MT of soybeans to China for the 2024/25 shipment.
The Export Sales report released today showed an increase of 569,142 MT in 2024/25 soybean sales for the week ending January 9, aligning with trade estimates of 300,000 to 800,000 MT. This marked a three-week high and was nearly double the previous week.
China was the largest buyer, purchasing 213,900 MT, followed by Bangladesh with 179,200 MT. Unknown destinations reported cancellations of 648,100 MT, most of which were switched to a new destination.
Soybean meal sales totaled 145,548 MT, falling short of the 150,000–300,000 MT estimates, while soybean oil bookings reached 57,299 MT, exceeding trade expectations of 10,000–50,000 MT.
The International Grains Council increased its global soybean production estimate by 1 MMT and raised ending stocks by 2 MMT to 84 MMT, 11 MMT higher than last year.