International Oilseeds Market

10-Dec-2024 08:06 AM

International Oilseeds Market
According to the weekly export inspection data, soybean exports for the week ending December 5 totaled 1.622 million metric tons (59.6 million bushels). This marks a 62.3% increase compared to the same week last year but a 23.1% decline from the previous week.
Major importing countries included:
China: 847,025 metric tons
Turkey: 125,277 metric tons
Italy: 142,036 metric tons
Since the start of the marketing year, total exports have reached 23.438 million metric tons (861.2 million bushels), which is 18.6% higher than the same period last year.
Expectations ahead of the upcoming monthly USDA report suggest minimal changes to the U.S. balance sheet. According to a Reuters survey, the average estimate for U.S. soybean ending stocks is 469 million bushels, down by just 1 million bushels from the November figure. On a global scale, ending stocks are projected to rise by 0.71 million metric tons, reaching 132.45 million metric tons.
Meanwhile, AgRural estimates that 95% of Brazil's soybean crop had been planted as of Thursday, compared to 91% at the same time last year.
This data could have a significant impact on both global and domestic supply-demand dynamics in the soybean market.