Soybean – International Market
10-Dec-2025 08:28 AM
Soybean – International Market
WASDE data was updated this morning, but no changes were made to the U.S. side. The World Ag Outlook Board kept both supply and demand unchanged, deferring any revisions to the January report. U.S. ending stocks remain steady at 290 million bushels.
Globally, there were only minor adjustments, as South American production estimates were left unchanged. World ending stocks rose slightly by 0.38 MMT to 122.37 MMT.
Delayed CFTC Commitment of Traders data showed managed money adding another 60,194 contracts to their net long as of November 4, taking it to 178,683 contracts. The two-week build of 143,354 contracts marks the largest two-week bullish move on record.
According to ANEC, Brazil’s December soybean exports are estimated at 3.33 MMT, up 0.52 MMT from the previous estimate and 3.3 MMT higher than the same month last year. Early Tuesday morning, Argentina’s economy minister announced that the soybean export tax would be lowered by 2 percentage points to 24%, with soybean product taxes down 2 points to 22.5%.