MUMBAI, 12 Dec (Commoditiescontrol): In its latest weekly report for the period ending December 5, 2024, the USDA highlighted significant changes in U.S. export sales of soybeans, soybean cake and meal, and soybean oil. The report indicates a sharp decline in soybean and meal exports, while soybean oil sales showed a strong recovery.
Soybeans: Net sales for soybeans totaled 1,173,800 metric tons (MT) for the 2024/2025 marketing year, marking a 49% drop from the previous week and a 42% decrease from the prior four-week average. The decline was primarily due to reductions for unknown destinations (-518,600 MT) and Iraq (-1,000 MT), despite robust sales to China (705,000 MT, including switches from unknown destinations), Spain (245,800 MT), and Mexico (156,500 MT).
Soybean exports reached 1,859,100 MT, down 24% from the previous week and 19% below the prior four-week average. Key destinations included China (843,500 MT), Spain (215,800 MT), and Turkey (125,300 MT).
Compared to the previous report for the week ending November 28, soybean net sales saw a notable decline from the 2,298,700 MT recorded then. Export levels also decreased from the prior week's figure of 2,451,200 MT, highlighting slowing trade activity.
Soybean Cake and Meal: Net sales for soybean meal fell to 176,300 MT for the 2024/2025 marketing year, reflecting a 36% drop from the previous week and a 47% dip from the four-week average. Significant reductions were reported for Canada (-57,500 MT), Vietnam (-33,200 MT), and Panama (-25,200 MT), partially offset by sales to Mexico (130,500 MT) and Venezuela (51,800 MT).
Exports for soybean meal totaled 295,300 MT, down 29% from the prior week and 9% below the four-week average, with Mexico (57,700 MT) and Venezuela (57,300 MT) as the primary buyers.
In comparison, sales were significantly lower than the 276,300 MT reported for the week ending November 28. Exports also declined from the previous week's level of 416,200 MT.
Soybean Oil: Soybean oil was a bright spot, with net sales of 63,800 MT, a substantial improvement from the previous week and a 40% increase over the four-week average. Strong demand from South Korea (31,000 MT), India (10,000 MT), and Mexico (7,800 MT) drove the increase.
Exports, however, fell to 15,800 MT, a 59% week-on-week decline, though slightly above the four-week average. Colombia (10,500 MT) and Mexico (3,300 MT) were the primary destinations.
Soybean oil sales surged compared to the 11,200 MT reported in the prior week, indicating renewed interest from key buyers. However, exports decreased from the earlier figure of 38,400 MT.
Looking ahead, analysts expect soybean oil to remain a critical driver of export performance, while soybean and meal markets could face ongoing challenges from fluctuating demand and increased competition.
(By Commoditiescontrol Bureau; +91 98201 30172)
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