U.S. Soybean Export Sales Reach Marketing-Year High Amid Increased Demand

MUMBAI, 29 Nov (Commoditiescontrol): The U.S. Department of Agriculture (USDA) reported a significant surge in soybean export sales for the week ending November 14, 2024, marking a marketing-year high. Net sales totaled 2,490,500 metric tons (MT), a 34% increase from the previous week and 31% above the four-week average. This uptick was primarily driven by substantial purchases from China (1,087,000 MT), Mexico (339,000 MT), Germany (202,000 MT), Spain (140,600 MT), and Egypt (122,900 MT).

In contrast, soybean exports declined by 15% compared to the previous week, totaling 2,081,300 MT. The primary destinations included China (967,500 MT), Mexico (215,000 MT), Germany (202,000 MT), Spain (140,600 MT), and Egypt (112,900 MT).

The USDA also reported net sales of 487,300 MT for soybean cake and meal, a 77% increase from the previous week and 65% above the four-week average. Major buyers included the Philippines (338,500 MT), Mexico (43,100 MT), Ecuador (31,500 MT), Colombia (23,100 MT), and Panama (22,900 MT). Exports of soybean cake and meal reached 330,600 MT, up 53% from the previous week and 9% above the four-week average, with key destinations being Colombia (66,900 MT), Mexico (47,500 MT), Australia (38,500 MT), Ecuador (31,500 MT), and Japan (25,900 MT).

For soybean oil, net sales were 124,800 MT, a notable increase from the previous week and the four-week average. Increases were primarily for India (47,000 MT), Algeria (16,500 MT), China (13,000 MT), the Dominican Republic (8,200 MT), and South Korea (7,500 MT). Exports of soybean oil were 3,600 MT, down 78% from the previous week and 40% from the four-week average, with primary destinations being Mexico (2,100 MT) and Jamaica (1,000 MT).

These figures indicate a robust demand for U.S. soybeans and related products, particularly from major importing countries. The increase in soybean meal and oil sales suggests a diversified interest in U.S. soybean derivatives. The USDA's weekly export sales report provides valuable insights into the dynamics of U.S. agricultural exports, highlighting the importance of international markets in shaping domestic agricultural trends.

(By Commoditiescontrol Bureau; +91 98201 30172)