By Jamie Martin
In a surprising turn of events, the US Department of Agriculture has significantly increased its export forecasts for corn and soybean oil for the 2024-25 marketing year. This update comes after recent data showed export sales reaching multi-year highs, impacting stock levels across the US.
As of late November, soybean oil exports reached 416,356 metric tons, the highest for this time of year in eight years. This has led to an 83% increase in the USDA’s export forecast for soybean oil, now expecting nearly 500,000 tons to be sold overseas.
Despite this, soybean oil stocks are at their lowest in over six decades, posing potential challenges ahead.
Corn exports have also seen an uptick, with the USDA now projecting 2.475 billion bushels for the 2024-25 season, driven by strong global demand despite lower domestic prices.
This adjustment marks a significant departure from earlier predictions, with ending stocks for corn now expected to be lower than the previous year.
These adjustments reflect a dynamic agricultural market where US products are in high demand, altering the domestic supply landscape. The evolving situation will require ongoing monitoring, especially with potential trade changes as the new administration takes office.
Photo Credit: usda
Categories: National