As the South American soybean harvest picks up momentum, export sales of US soybeans have experienced a seasonal slowdown. Data from the week ending on March 28 reveals a notable decrease in net sales of US soybeans compared to the previous week. This trend is reflective of the current market dynamics influenced by the acceleration of soybean harvesting activities in South America.
Key Insights:
Sales Performance:
- Net sales of US soybeans totaled 190,000 tonnes for the week ending March 28, representing a significant decline from the 380,000 tonnes sold in the preceding week.
- Cumulative soybean sales for the 2023/24 period stand at 40.55 million tonnes, marking an 18.8% decrease year-on-year. This reduction reflects a slight improvement compared to the previous week’s year-on-year decline of 18.9%.
- The USDA’s annual export target for soybeans is set at 46.81 million tonnes, reflecting a 13.7% decrease year-on-year.
Export Offers:
- Argentine soybean offers emerged as the most competitive in terms of pricing. As of April 4, soybeans from Argentina’s Upper River region were offered at $427 per tonne, indicating a $5 reduction from the previous week.
- Brazilian soybeans were offered at $430 per tonne, marking a $6 increase from the previous week’s price.
- US Gulf soybeans were offered at $456 per tonne, reflecting a $6 decrease compared to the previous week’s offer.
The sluggish pace of US soybean export sales amidst the South American harvest acceleration underscores the shifting dynamics in the global soybean market. With competitive pricing from Argentine suppliers and evolving supply chain conditions, stakeholders in the soybean industry need to adapt their strategies to navigate through the current market landscape effectively.
Current Market Price in China for new crop soybean
Product |
Chinese Soybean |
| Type | NON-GMO |
| Color | Yellow |
| Purity | 99.5 % Min |
| NON | GMO |
| Package | 25kg Paper Bag |
| Loading | 22Tons / 20GP |
| Conv. FOB Dalian | USD 750-770/Mt – EURO 701-720/Mt |
| Org. FOB Dalian | USD 810-830/Mt – EURO 757-776/Mt |