The USDA reports that the United States has sold 613,500 tons of soybeans harvested in 2023/24 during the week ending on 2/29.

United States exporters reported a notable surge in sales for the week ending February 29, with a total of 613,500 tons of soybeans from the 2023/24 harvest, taking cancellations into account. This update comes from the United States Department of Agriculture (USDA) on Thursday, March 7.

The reported volume exhibits a significant increase compared to the previous week, as well as in comparison to the average sales of the preceding four weeks. Key buyers during this period included China (269.1 thousand t), Germany (204.3 thousand t), Indonesia (55.7 thousand t), Bangladesh (55 thousand t), and Spain (47.4 thousand t). However, cancellations from undisclosed destinations amounted to 108.2 thousand tons.

Looking ahead to the commercial year 2024/25, sales of 66 thousand tons were reported to undisclosed destinations, contributing to a total of 679.5 thousand tons sold. This figure surpassed analyst estimates, which ranged from 180 thousand tons to 600 thousand tons.

Shipments for the period reached approximately 1.418 million tons, marking a 29% increase compared to the previous week and a 9% rise compared to the four-week average. Notable destinations for these shipments included China (980 thousand t), Germany (204.3 thousand t), Mexico (78.4 thousand t), Spain (47.4 thousand t), and Japan (28.9 thousand t).