Soybeans/USDA: USA sells 263.9 thousand tons of the 2023/24 harvest in the week

Soybean

United States

Market & Price Trends

Published Mar 29, 2024

Tridge summary

In the week ending March 21, U.S. soybean exporters experienced a notable decline in sales for the 2023/24 harvest, with a total of 263.9 thousand tons sold, marking a 47% decrease from the prior week and a 26% decrease from the four-week average. This downturn was despite significant purchases from countries like China, Germany, Mexico, Colombia, and Indonesia, and even after accounting for cancellations totaling 240.2 thousand tons. Additionally, sales for the 2024/25 commercial year were reported at 120 thousand tons to undisclosed destinations, bringing the total sales volume to 383.9 thousand tons, which was at the lower end of market expectations. Meanwhile, shipments during the same period slightly increased from the previous week but were down 22% from the four-week average, with the main recipients being China, Mexico, Japan, Germany, and Indonesia.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

By Ana Ritti, with information from Dow Jones Newswires São Paulo, 03/28/2024 - United States exporters reported sales of 263.9 thousand tons of soybeans from the 2023/24 harvest, including cancellations, in the week ending March 21, the Department of Agriculture of the United States recently reported. United States (USDA). The volume represents a drop of 47% compared to the previous week and 26% compared to the average of the previous four weeks. The main buyers this week were China (347,300 t), Germany (69,000 t), Mexico (36,400 t), Colombia (14,000 t) and Indonesia (12,100 t), which compensated for cancellations made by undisclosed destinations (240.2 thousand t). For the 2024/25 commercial year, sales of 120 thousand tons were reported to undisclosed destinations. The total sold, 383.9 thousand tons, was closer to the bottom of analysts' estimates, which expected sales of 300 thousand tons to 700 thousand tons. Shipments for the period were 785.6 ...

Source: Broadcast