International Soybean Market
21-Mar-2025 08:35 AM
International Soybean Market
According to the USDA's Export Sales report, total soybean sales for the 2024/25 marketing year during the week ending March 13 amounted to just 352,580 metric tons (MT), falling short of the estimated range of 0.4 to 0.9 million metric tons (MMT). This marked the lowest weekly total in the past five weeks and was 28.6% lower compared to the same week last year.
China purchased 269,900 MT, while Taiwan bought 60,000 MT. Reductions from unknown destinations totaled 62,900 MT, most of which were reclassified as sales to China (266,100 MT). New crop sales were minimal at just 100 MT, compared to expectations of 0 to 50,000 MT.
Soybean meal sales totaled only 182,243 MT, placing them at the lower end of trade expectations (140,000 to 470,000 MT) and marking a three-week low. Out of this, 97,500 MT is headed to the Philippines.
Bean oil sales were reported at 34,179 MT, which falls within the expected range of 15,000 to 60,000 MT but still represents a three-week low. Of that total, 20,000 MT was sold to unknown buyers.
According to the International Grains Council (IGC), the ending stock projection for global soybeans in 2024/25 remained steady at 82 MMT. The initial outlook for 2025/26 forecasts a 9 MMT year-on-year increase in production, with stocks estimated at 83 MMT.
The latest data from the Buenos Aires Grains Exchange shows that Argentina's soybean crop forecast has been reduced by 1 MMT to 48.6 MMT. The report indicated that 29% of the crop is rated as “excellent,” up 5% from last week, while the portion rated “poor” declined by 6%.