International Soybean Market

02-Apr-2025 08:06 AM

International Soybean Market
Soybean oil is strengthening amid expectations that representatives from the biodiesel and oil industries will meet with the EPA today. They will advocate for a higher mandatory blending volume for biodiesel, proposing an increase to 5.5-5.75 billion gallons. The current mandatory volume stands at 3.35 billion gallons.
According to the monthly Fats and Oils data, a total of 189.01 million bushels (mbu) of soybeans were crushed in February. This was slightly above analysts' estimates but 2.28% lower than the total for February last year (which had 29 days) and 11.07% lower than January. Soybean oil stocks were recorded at 1.924 billion pounds.
StoneX has lowered its 2024/25 Brazilian soybean production estimate by 0.8 million metric tons (MMT) to 167.54 MMT, while the USDA estimate stands at 169 MMT. According to ANEC, Brazil's soybean export volume for March is projected to be 16.09 MMT, which is 0.53 MMT higher than last week.