Argentina's Soybean Prices Witness Sharp 34.38% YoY Decline in W3 Amid Improved Weather

In W3, soybean prices in Argentina dropped significantly by 34.38% YoY, reaching USD 0.34/kg, despite a 3% increase on both a MoM and WoW basis. The decline is attributed to improved rain prospects in South America, including Brazil and Argentina, recovering from drought, along with a drop in soybean oil prices. The robust soybean cultivation in Argentina, with 93% of planting completed, further contributes to expectations of downward pressure on the market.