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USDA Weekly Export Sales Report: Soybean Complex Posts Mixed Trend; Soybean Oil Sales Declines

19 Dec 2024 8:17 pm
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MUMBAI, 19 Dec (Commoditiescontrol): The USDA’s weekly export sales report for the week ending December 12, 2024, revealed a mixed performance across soybean and soybean-derived products. While soybeans and soybean meal showed notable gains, soybean oil exports declined sharply, reflecting varied demand patterns in global markets.

Net sales of soybeans for the 2024/2025 marketing year reached 1,424,200 metric tons (MT), marking a 21% increase from the previous week. However, this figure was 27% lower than the prior four-week average, indicating some volatility in demand. Key buyers included China, with purchases of 648,200 MT (including 464,000 MT switched from unknown destinations), followed by unknown destinations (374,500 MT), Pakistan (65,000 MT), Turkey (64,000 MT), and Egypt (56,400 MT). Reductions in orders were recorded for Libya (27,000 MT), Vietnam (8,700 MT), and Italy (4,700 MT).

Soybean exports totaled 1,686,300 MT, down 9% from the previous week and 23% from the prior four-week average. China remained the largest destination, accounting for 1,041,600 MT, followed by Mexico, Bangladesh, Egypt, and Vietnam.

Soybean meal exports demonstrated robust growth, with net sales of 261,600 MT for 2024/2025 increasing by 48% from the prior week, though they remained 14% below the four-week average. Canada (65,500 MT), the Philippines (54,300 MT), and Mexico (51,200 MT) were the primary buyers. However, significant reductions were reported for Vietnam (43,800 MT) and Costa Rica (9,700 MT).

Exports of soybean meal rose to 375,800 MT, up 27% from the previous week and 19% above the four-week average. The Philippines led the destinations, followed by Colombia, Mexico, the Dominican Republic, and Costa Rica.

In contrast, soybean oil sales were disappointing, with net sales of just 6,000 MT for 2024/2025, a sharp 91% drop from the previous week and 90% below the four-week average. Reductions in orders from Canada offset gains from Mexico and the Dominican Republic. Exports of soybean oil were similarly weak, totaling 13,000 MT, down 18% from the previous week and 30% below the four-week average. Venezuela and Mexico were the primary destinations.

Late-reported sales and exports included 250 MT of soybean meal sales and 499 MT of exports to Qatar. Optional origin sales for 2024/2025 remained unchanged at 19,000 MT, with Ecuador being the sole buyer.

The report highlights varied performance across soybean products, with demand for soybean oil facing notable headwinds, while soybeans and soybean meal benefited from stronger buying activity in key markets like China, the Philippines, and Mexico. However, the decline in soybean exports from recent averages signals potential challenges in maintaining momentum in the coming weeks.

As markets react to shifting demand and supply trends, the USDA’s bi-weekly updates will remain a critical indicator of global trade flows and their impact on commodity prices.

(By Commoditiescontrol Bureau; +91 98201 30172)


       
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