International Soybean Market Update

29-Jan-2025 08:09 AM

International Soybean Market Update
According to Brazil's crop agency CONAB, the country’s soybean harvest is 3.2% complete, significantly behind last year's 8.6% progress.
ANEC revised its January soybean export estimate for Brazil to 1.5 million metric tons (MMT), which is 720,000 MT lower than its previous forecast. This is 21.47% less than December and 31.3% lower than January 2024.
Argentina's soybean crop estimate has been reduced by 2 MMT to 49 MMT, while Brazil’s soybean crop estimate remains unchanged at 170 MMT.