MUMBAI, 05 Dec (Commoditiescontrol): In the week ending November 28, 2024, the U.S. Department of Agriculture (USDA) reported varied performance across soybean-related export commodities.
Net sales of Soybean for the 2024/2025 marketing year reached 2,312,700 metric tons (MT), marking a 7% decrease from the previous week but a 17% increase over the prior four-week average. The primary purchasers were China (669,700 MT), unknown destinations (432,700 MT), Spain (352,400 MT), Mexico (181,000 MT), and Egypt (175,900 MT). Notably, China’s total includes 321,000 MT switched from unknown destinations, and Spain’s total includes 330,000 MT similarly switched. Reductions were observed for Ireland (21,500 MT) and Iraq (1,500 MT). Exports totaled 2,428,900 MT, up 17% from the previous week and 5% above the prior four-week average, with China (1,246,300 MT) and Spain (478,400 MT) as the leading destinations.
Cake and Meal net sales for 2024/2025 were 276,000 MT, a 43% decline from the previous week and 25% below the prior four-week average. Major buyers included Colombia (124,000 MT), Mexico (51,400 MT), the Dominican Republic (25,600 MT), Panama (17,400 MT), and Venezuela (13,500 MT). Decreases were noted for Guatemala (5,700 MT), Nicaragua (4,600 MT), Sri Lanka (2,100 MT), and Kuwait (600 MT). Exports rose to 417,000 MT, a 26% increase from the previous week and 35% above the prior four-week average, with Vietnam (108,700 MT) and Colombia (76,300 MT) as top destinations.
Net sales of Soybean oil for 2024/2025 stood at 19,500 MT, down 84% from the previous week and 72% below the prior four-week average. Primary increases were for unknown destinations (13,000 MT), Colombia (7,500 MT), the Dominican Republic (5,100 MT), Mexico (4,500 MT), and Guatemala (2,500 MT). Reductions occurred for China (13,000 MT), Jamaica (3,500 MT), South Korea (900 MT), and Canada (300 MT). Exports reached 39,000 MT, significantly higher than both the previous week and the prior four-week average, with South Korea (18,500 MT) and the Dominican Republic (11,500 MT) as leading importers.
Comparing these figures to the previous week’s data, soybean net sales decreased by 7%, while soybean meal and soybean oil net sales experienced more substantial declines of 43% and 84%, respectively. Despite these reductions, exports for all three commodities showed increases, indicating strong demand in international markets.
Market analysts suggest that the fluctuations in net sales may be attributed to shifting global demand patterns and competitive international pricing. The rise in exports underscores the resilience of U.S. soybean products in the global market, even amidst varying weekly sales figures.
(By Commoditiescontrol Bureau; +91 98201 30172)
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