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.