Exports climb, pushing stock levels to new lows
The latest figures from the US Department of Agriculture reveal a significant rise in exports for US corn and soybean oil, leading to adjustments in the 2024-25 export outlooks. This development highlights the robust demand for US agricultural products on the global stage.
Soybean oil exports have surged to an eight-year high as of November 28, with sales reaching 416,356 metric tons. This substantial volume represents about 90% of the revised USDA forecast, which now stands at an increased total of 499,000 tons. The low stocks-to-use ratio of 5.2% for soybean oil indicates the tightest supply situation in over six decades.
On the corn front, the USDA's revised figures show a promising increase in exports, now forecasted at 2.475 billion bushels. This is the second-largest volume on record, highlighting a strong global demand that has outpaced initial estimates. The revision has led to a decrease in projected ending stocks, now 1% lower than the previous year.
These updates underscore the dynamic nature of the US agricultural market, with implications for future supply and pricing.
As the global landscape evolves, particularly with the incoming administration's trade policies, the US agricultural sector remains a key player in meeting worldwide demand.