USDA brings weekly soybean sales below expectations, with Brazil still…

For 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.”

According to figures from Secex (Secretariat of Foreign Trade) reported on Monday (25), Brazil has already shipped 9,917.8 million tons of soybeans in March, compared to 13.2 million tons throughout March. last year. In this last week alone, shipments were more than 3.6 million tons.

In the year to date, Brazilian oilseed exports also exceed 2023, in this same interval. There are 19.4 million tons already exported, compared to just over 16 million last year.

CORN

Of corn, North American weekly sales totaled 1,206.5 million tons, within the range expected by the market of 800 thousand to 1.3 million tons. Mexico was the biggest buyer of US cereal last week. With this volume, the total already committed reaches 42,903.2 million tons, surpassing the same period last year, when sales were just over 35 million.

SOY DERIVATIVES

Of soybean meal, sales last week were 127.3 thousand tons, most of which went to Turkey. Expectations ranged from 150 thousand to 350 thousand tons. As for oil, the country sold 6 thousand tons, while projections ranged from the cancellation of 5 thousand tons to sales of 10 thousand tons.

HARVEST 2024/25

From the 2024/25 harvest, the USA also sold 120 thousand tons of soybeans to undisclosed destinations, in addition to 126.4 thousand tons of corn, most of it destined for Mexico.