Argentina soybeans prices are currently good at least for buyers at $0.28/kg, closing down 30% WoW. The United States Department of Agriculture (USDA)'s news last month detailing the sale of 105 thousand mt of soy cake and meal has weakened the soy complex.
Adding to it the El Niño phenomenon is expected to bring some wetness to the South American region and favouring the 2023-24 soy harvest.
The market is still looking for the direction it wants to go and until it finds a significant driver, prices may continue to push lower.
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