International Soybean Market

28-Feb-2025 08:02 AM

International Soybean Market
In the weekly export sales report, 410,878 metric tons of soybeans were recorded for the 2024/25 season in the week ending February 20. This was 14.4% lower than the previous week but still significantly higher than the same week last year. China was the largest buyer, purchasing 202,200 metric tons, while Egypt bought 172,500 metric tons. A net reduction of 215,600 metric tons was recorded for an unknown destination, mostly transferred to a known buyer. New crop sales were 3,620 metric tons, at the lower end of the 0-50,000 metric ton forecast range.
Soybean meal sales were only 176,472 metric tons, falling short of the estimated 200,000 to 525,000 metric ton range. Soybean oil bookings totaled 18,363 metric tons, aligning with the mid-range of the 0-30,000 metric ton forecast.
This morning, at the USDA Outlook Forum, the Chief Economist's Office projected 84 million acres of soybean planting this spring, 3.1 million acres lower than last year. The trend-adjusted yield was estimated at 52.5 bushels per acre, with an anticipated 2025/26 carryout of 320 million bushels.
According to the Buenos Aires Grain Exchange, 24% of Argentina’s soybean crop was rated excellent, a 7% increase from the previous week. The normal category declined by 6%, shifting entirely to the excellent category, while the poor category decreased by 1% to 34%.