WASDE Update: U.S. soybean estimates unchanged, slight rise in global stocks; record surge in fund positions
10-Dec-2025 08:23 AM
WASDE Update: U.S. soybean estimates unchanged, slight rise in global stocks; record surge in fund positions
★ As per the latest USDA WASDE update, there were no changes made to the U.S. soybean balance sheet this month. The World Agricultural Outlook Board kept supply and demand unchanged and is expected to make possible revisions in the January report. Projected ending stocks remain steady at 290 million bushels.
★ At the global level, only minor adjustments were seen. South American production estimates were left unchanged, while world soybean ending stocks increased slightly by 0.38 MMT (3.8 lakh tons) to reach 122.37 MMT (1223.7 lakh tons).
★ On the export front, Brazil continues to show strength. According to ANEC, Brazilian soybean exports in December are projected at 3.33 MMT (33.3 lakh tons), which is 0.52 MMT (5.2 lakh tons) higher than the previous estimate and around 3.3 MMT (33 lakh tons) more than the same period last year.
★ On Tuesday morning, Argentina announced a reduction in soybean export tax by 2 percentage points, bringing it down to 24%, while export tax on soybean products has been set at 22.5%. This move is expected to boost Argentine export competitiveness and may increase activity in global soybean trade.