International Soybean Market Update

24-Jan-2025 08:11 AM

International Soybean Market Update
The release of weekly export sales data has been delayed until Friday due to the Monday holiday. Analysts surveyed by Reuters anticipate soybean sales for 2024/25 to range between 0.6 to 1.8 million metric tons (MMT) and for 2025/26 between 0 to 50,000 metric tons (MT). Soybean meal sales are expected to range from 100,000 to 450,000 metric tons, while soybean oil sales are estimated between 10,000 and 60,000 metric tons.
In Brazil, basis bids are declining due to unloading delays at sugar ports. The Brazilian agriculture ministry has confirmed pesticide and pest issues in recently rejected cargoes but emphasized that the problem is limited to five firms and will not significantly impact total exports to China.
The Buenos Aires Grain Exchange has reduced Argentina's soybean production estimate to 49.6 MMT, down 1 MMT from their previous projection. Starting January 26, Argentina is lowering its soybean export tax from 33% to 26%, and the tax on soybean meal and oil exports from 31% to 24.5%.