MUMBAI, 26 Sep (Commoditiescontrol): The United States Department of Agriculture (USDA) has released its export data for the week ending September 19th, 2024, revealing mixed trends across soybean seed, cake & meal, and oil categories. The report highlights strong demand for soybean seed, particularly from China, alongside volatility in the soybean meal market and a sharp decline in soybean oil exports. These fluctuations in export figures are driven by shifting global demand patterns, supply chain adjustments, and macroeconomic factors influencing trade decisions.
Soybean Seed:
Net sales for 2024/2025 totaled 1,574,700 metric tons (MT), primarily driven by strong demand from China (869,700 MT), supported by 100,000 MT switched from unknown destinations. Significant sales were also made to unknown destinations (245,300 MT) and the Netherlands (137,000 MT). Mexico (68,600 MT) and Turkey (66,000 MT) also contributed to the total, while reductions were noted for Spain (4,900 MT).
Exports for the week reached 518,000 MT, with the largest shipments going to China (172,300 MT), the Netherlands (137,000 MT), and Mexico (54,800 MT). This strong export performance, particularly to China, reflects ongoing demand stability for U.S. soybeans.
Soybean Cake and Meal:
The report shows net sales reductions of 7,900 MT for 2023/2024, largely due to cancellations by Vietnam (23,000 MT), unknown destinations (15,000 MT), and Guatemala (5,600 MT). However, the 2024/2025 period posted solid sales of 279,900 MT, driven by robust demand from the Philippines (174,900 MT), Costa Rica (26,300 MT), and Vietnam (23,000 MT).
Exports of soybean meal increased sharply to 264,400 MT, up 69 percent from the previous week, with the largest shipments to the Philippines (49,700 MT) and the Dominican Republic (46,200 MT).
Soybean Oil:
Soybean oil faced significant challenges, with net sales of just 900 MT for 2023/2024, a dramatic 98 percent decline from the previous week. Sales were made only to Canada (700 MT) and Mexico (200 MT). However, net sales for 2025/2026 stood at 3,500 MT, primarily led by the Dominican Republic (2,000 MT).
Exports were similarly down, totaling 6,300 MT, reflecting an 87 percent drop from the previous week. The main destinations were Jamaica (3,500 MT) and Canada (1,600 MT).
The USDA's latest report paints a mixed picture of the soybean market. While soybean seed exports continue to thrive, buoyed by Chinese demand, the soybean meal market is seeing mixed results with strong forward sales but short-term cancellations. The soybean oil market, on the other hand, is experiencing a significant downturn, likely due to weaker international demand. Global market conditions, changes in demand, and trade policies will play a critical role in shaping the U.S. soybean export landscape in the coming months.
(By Commoditiescontrol Bureau; +91 98201 30172)
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