The USDA's (United States Department of Agriculture) weekly grain, soybean, and derivatives export sales report, released on Thursday (11th), once again showed weak results, bringing no major surprises for either the old or new crop.
SOYBEANS
In the week ending July 4, weekly US soybean export sales totaled just 208,000 tons for the 2023/24 crop, down 9% from the previous week and 40% compared to the average of the last four weeks. The market had expected sales between 200,000 and 600,000 tons. The Netherlands was the main buyer of American soybeans. For the entire 2023/24 marketing year, the total committed US soybean sales reached 44.9967 million tons, also below the same period last year, which exceeded 52.5 million tons.
For the new crop, US soybean sales were 191,300 tons, against expectations of 50,000 to 300,000 tons. Mexico was the primary destination.
SOYBEAN DERIVATIVES
The United States also sold 53,100 tons of soybean meal for 2023/24 - the lowest of the marketing year - down 75% from the previous week and 72% compared to the last four weeks. The market expected sales between 150,000 and 400,000 tons.
Morocco was the largest buyer of the American derivative for the current marketing year. For the 2024/25 crop, 22,800 tons were sold - mostly to undisclosed destinations - below the expected range of 50,000 to 200,000 tons.
US soybean oil sales for the 2023/24 season were 9,700 tons, while projections ranged from 4,000 to 15,000 tons. Venezuela was the main destination. For the 2024/25 crop, however, a cancellation of 4,000 tons was reported, while projections pointed to sales between 0 and 5,000 tons.
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