USDA brings weekly soybean sales below expectations, with Brazil still competitive and shipping well

Soybean

Brazil

Market & Price Trends

Published Mar 29, 2024

Tridge summary

The latest report from the USDA reveals a downturn in weekly U.S. soybean export sales for the 2023/24 harvest, with only 263.9 thousand tons sold, marking a significant decrease from prior weeks and falling short of market expectations. This decline is largely due to Brazil's competitive pricing, which continues to divert global demand away from U.S. soybeans, despite China being the main buyer. Conversely, U.S. corn sales have aligned with market forecasts, with Mexico emerging as the primary purchaser. The report also covers soybean meal and oil sales, showing mixed results, and provides early sales figures for the 2024/25 harvest, highlighting Mexico's continued interest in U.S. corn.

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

For yet another week, weekly sales of soybeans for export from the United States were weak and below market expectations. In the week ending March 21, according to data reported by the USDA (United States Department of Agriculture) this Thursday (28), 263.9 thousand tons of the 2023/24 harvest were sold. The market expected something between 300 thousand and 700 thousand tons. Volume fell 47% compared to the previous week and 26% compared to the average of the last four. The main destination was China. In every commercial year, the USA has already sold 40,354.9 million tons, compared to more than 49 million last year, in this same period. "Brazil continues to ship a lot of soybeans at discounted prices, keeping the American program weakened", says market analyst Giulia Zenidin, from Agrinvest Commodities. "It is also worth remembering that sales for the new season are very weak, totaling less than 500 thousand tons so far, compared to 8.1 million for the same period in 2023." ...

Source: NoticiasAgricolas