Friday November 29, 2024

• Markets are mixed to end off the week. 
• Flash sales
  • There was 840,000MT of soybeans to unknown for 24/25.
  • 151,700MT of soybeans to unknown for 24/25.
• Ethanol stocks rose last week compared to the previous week and last year. It is estimated that 111.2million bushels of corn was used for ethanol last week.
• The Export Sales report showed US soyoil, soymeal, and soybeans had strong demand last week, this was driven by demand for China. This demand from China is expected to dry up over the next 30-60 days. The large demand for soyoil and soymeal is mostly due to the oversupply in the US. The surplus has driven prices lower which has helped increase demand. 
• China is ramping up its purchases of Brazilian soybeans. China is taking advantage of lower prices and is securing supply before Trump returns to office. China has secured over half of its soybean needs for February-April and 20% of May-June needs.
  • China has bought Brazilian beans during Dec-Jan even with Brazils higher prices during the time frame. Usually the US dominates the global market during those months.
  • China is still buying US beans but soybean sales for the current marketing year are the lowest since 2018.