MUMBAI, 10 Oct (Commoditiescontrol): The USDA's latest weekly export sales report reveals notable activity in the soybean cake and meal and soybean oil markets, reflecting a steady demand for U.S. agricultural products in the new marketing year that began on October 1. Key markets such as Colombia, Mexico, and Venezuela have played significant roles in shaping the export landscape, while adjustments in sales to some destinations highlight shifts in demand dynamics.
Net sales of soybean meal for the 2024/2025 marketing year totaled 165,700 metric tons (MT), with major buyers including Colombia (34,500 MT), unknown destinations (34,400 MT), and Mexico (34,000 MT). The Philippines (25,000 MT) and Honduras (23,800 MT, including a switch of 12,000 MT from Guatemala) were also key buyers. These gains were partially offset by reductions in sales to Guatemala (12,300 MT), Costa Rica (3,000 MT), and Vietnam (2,400 MT). Additionally, the 2025/2026 marketing year saw a modest total of 1,300 MT sold to Canada.
For the period ending September 30, 86,800 MT of sales were carried over from the previous 2023/2024 marketing year. Exports during this period reached 284,200 MT, bringing the total for the year to 13,361,200 MT, a 7% increase from last year's 12,457,400 MT. Major export destinations included Mexico (87,900 MT), the Philippines (51,500 MT), and Venezuela (39,300 MT). As the new marketing year began on October 1, additional exports of 43,400 MT were recorded, with shipments primarily directed to Honduras (15,200 MT), Nicaragua (10,700 MT), and Canada (7,900 MT).
Net sales of soybean oil for the 2024/2025 marketing year totaled 3,800 MT, driven by purchases from Venezuela (4,000 MT), though sales to Canada were reduced by 200 MT. A small carryover of 300 MT from the 2023/2024 marketing year was noted. Exports for the period ending September 30 amounted to 2,500 MT, pushing the cumulative total to 261,600 MT, more than double last year's 116,000 MT. Major export destinations included Canada (2,300 MT), Mexico (100 MT), and the Dominican Republic (100 MT). The new marketing year began with 6,300 MT in exports, led by Venezuela (6,000 MT).
The report highlights steady demand for U.S. soybean meal, with a 7% increase in exports compared to last year, driven by Latin American buyers like Mexico and the Philippines. However, certain regions, such as Guatemala and Costa Rica, have reduced their purchases, reflecting a mixed demand scenario. The carryover sales suggest continued interest, but competitive global supplies could cap further gains.
In contrast, soybean oil exports have surged, more than doubling from last year to 261,600 MT, with strong demand from Venezuela being a key driver. This rise may reflect tighter global supplies of alternative oils, positioning U.S. soybean oil as an attractive option.
The arrival of new crop supplies from global producers could pressure prices and alter trade flows in the coming weeks, especially in the soybean meal segment. Meanwhile, steady demand for soybean oil could sustain its positive momentum if key markets continue their purchases.
(By Commoditiescontrol Bureau; +91 98201 30172)
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