International Oilseed Markets

13-Dec-2024 08:08 AM

International Oilseed Markets
Soybean Export Data
Private Sales: USDA reported private sales of 334,000 MT of soybeans for 2024/25, destined for unspecified buyers.
Weekly Sales: Total weekly soybean sales amounted to 1.17 MMT, which is:
Below expectations of 1.5–2.2 MMT.
Down approximately 50% from the previous week.
Up 17.5% year-over-year for the same period.
Major Buyers:
China: 705,000 MT (largest buyer).
Spain: 245,800 MT.
Soybean Meal and Oil Sales
Meal:
Sales were 176,324 MT, slightly exceeding the lower range of expectations (175,000 MT).
Represent the second-lowest weekly sales this marketing year.
Bean Oil:
Sales totaled 63,846 MT, within the expected range of 5,000–100,000 MT.
Marked the second-highest weekly figure of this marketing year.
Processing and Stocks
Processing: NOPA’s updated data (expected Monday) anticipates November soybean crush at 196.713 million bushels (mbu).
Stocks: Forecast at 1.123 billion pounds for soybean oil.
Brazil Production Updates
USDA: Maintained Brazil’s soybean production forecast at 169 MMT.
CONAB: Slight increase in its projection by 0.07 MMT, now 166.21 MMT.
Abiove: Revised its forecast upward by 1 MMT, totaling 168.7 MMT.
Market Implications
Soybean Exports: Sluggish sales compared to expectations highlight potential demand fluctuations and competition.
Meal and Oil Markets: Bean oil sales remain stable but meal sales show signs of slowing, indicating uneven demand.
Brazilian Production: Adjustments across agencies reflect marginal increases, underscoring market uncertainty but maintaining a generally robust outlook for production.
The combination of fluctuating exports, steady processing, and minor adjustments in production projections suggests a dynamic market influenced by both domestic and international factors.