US exporters reported sales of 221,700 tons of soybeans from the 2023/24 harvest, excluding cancellations, in the week ending August 8, the US Department of Agriculture (USDA) said on Thursday (15). The volume represents a drop of 32% compared to the previous week and 1% compared to the average of the previous four weeks.

The main buyers this week were the Netherlands (84.9 thousand tons), Germany (67.3 thousand tons), Egypt (29.3 thousand tons), Colombia (21 thousand tons) and undisclosed destinations (20 thousand tons), which offset cancellations by China (38 thousand tons), Mexico (23.1 thousand tons) and Venezuela (7 thousand tons).

Sales of 1.34 million tons were reported for the 2024/25 marketing year, compared to 985.2 thousand tons in the previous week's report. The main buyers were China (536,000 tons), undisclosed destinations (483,000 tons), Mexico (133,200 tons), Egypt (85,000 tons) and Spain (60,000 tons), which offset cancellations from South Korea (200 tons).

Together, sales of the two harvests amounted to 1.56 million tons. The result was above analysts' estimates, which expected sales of between 500,000 tons and 1.3 million tons.

Soybean shipments for the period amounted to 430,700 tons, up 22% on the previous week and 26% on the average of the previous four weeks. The main destinations this week were the Netherlands (84.9 thousand tons), Mexico (74.7 thousand tons), Germany (67.3 thousand tons), China (56.5 thousand tons) and Costa Rica (29.5 thousand tons).

Source: Canal Rural