International Soybean Market Update

25-Jan-2025 08:16 AM

International Soybean Market Update
According to Commitment of Traders data, speculators added 5,497 contracts to their net long positions in soybean futures and options as of Tuesday, bringing the total to 40,330 contracts.
Weekly export sales data, delayed by one day, reported soybean sales of 1.492 million metric tons (MMT) for the week ending January 16. This was near the upper end of the forecast range of 0.6–1.8 MMT for the 2024/25 season, double the previous week's sales, and the highest in seven weeks. China was the largest buyer with 888,600 MT, followed by Japan with 120,700 MT, and Mexico with 119,900 MT.
Soybean meal sales totaled 210,240 MT, falling within the estimated range of 100,000–450,000 MT, marking a four-week high. Soybean oil sales for the week were 2,890 MT, which fell below the expected range of 10,000–60,000 MT.
Argentina has announced a reduction in export taxes effective January 26. The soybean export tax will drop from 33% to 26%, while the taxes on soybean meal and oil will decrease from 31% to 24.5%.