International Soybean Market

22-Feb-2025 08:07 AM

International Soybean Market
Soybean specs reduced their fresh net long position by 11,949 contracts in the week ending 2/18, bringing the net long to just 16,526 contracts, according to Friday's Commitment of Traders report.
This morning's export sales report showed 480,278 MT of soybeans sold during the week of 2/13, 158.9% higher than the previous week and significantly above the same week last year. China was the buyer of 101,200 MT, with 75,700 MT sold to Egypt and 73,800 MT to Mexico. Total commitments for the 2024/25 crop now stand at 43.736 MMT, which is 88% of the USDA's projected export total and in line with the 5-year average pace. Sales for the new crop totaled just 19,342 MT, split between Mexico and Japan.
Soybean meal bookings totaled 316,907 MT in that week, marking a 4-week low. Vietnam was the largest buyer with 177,600 MT, while 32,300 MT was sold elsewhere. Soybean oil bookings were 19,408 MT, a recovery from the previous week's net reduction.
Ahead of the USDA Outlook Forum next week, a Bloomberg analyst survey predicts a total of 84.4 million acres planted with soybeans. This would be a 2.7 million-acre decrease from last year, with all surveyed expecting lower totals (83.1-86.5 million acres).