Soybean Demand: STRONG Crush and TERRIBLE Exports
Soybean Demand: STRONG Crush and TERRIBLE Exports  
Podcast: Grain Markets and Other Stuff
Published On: Tue Dec 16 2025
Description: Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links —Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.🌱 NOPA Soybean CrushNOPA released its November crush report on MondayUS soybean crush hit an all-time November recordCrush was lower than October’s record, but well above last yearEnd-of-month soybean oil stocks jumped sharply, reaching a 7-month highOil stocks also came in above trade expectations📉 Soybean Futures PressureSoybean futures extended losses on MondayThe Jan26 contract settled near $10.72Market pressure continues from:Slow Chinese buyingExpectations of a massive Brazilian crop hitting export channelsA near-record speculative long position that leaves the market vulnerable to liquidation🚢 Export Inspections UpdateUS soybean inspections disappointed last weekShipments were well below last year’s paceAbout one-quarter of soybeans were headed to ChinaCorn and wheat inspections were near the high end of expectationsNorthern Plains soybean basis remains weak due to limited PNW movement🧪 Fertilizer Market NewsThe US lifted sanctions on Belarusian potash over the weekendUS fertilizer stocks fell sharply on Monday in responseBelarus still faces logistical hurdles, limiting near-term impactBelarus accounts for only a small share of US potash supplyTrump’s threat of tariffs on Canadian fertilizer remains the much bigger market risk📦 USDA Flash SalesUSDA reported additional flash sales on MondaySoybeans sold to China for next marketing year deliveryCorn sold to unknown destinations📑 Export Sales Report (Catch-Up Edition)USDA released another outdated export sales reportSoybean sales were strong, led almost entirely by ChinaCorn sales slipped from the prior weekWheat sales landed near the low end of expectations