Acceleration of harvesting in Brazil has collapsed exchange prices for soybeans and canola

The global oil market is expecting a record soybean harvest from Brazil, which is the main driver of price pressure. Even Argentina's farmers' strike has not yet affected prices, which are falling amid reduced demand from importers who expect further declines in world prices. According to the Safras and Mercado agencies, as of February 24, in Brazil, soybeans were harvested on 30.3% of the area, which is slightly lower than the annual average of 31.4%, and in the main producing state of Mato Grosso, 76% of crops were threshed. Another local agency, AgRural, reports that on February 24 soybeans in the country were harvested on 33% of the area, compared to 43% on this date last year. Due to heavy rains during harvesting, the agency's experts lowered the soybean harvest forecast in Brazil in FY 2022/23 to 150.9 million tons. Argentina's Agrarian Federation has called a strike for Tuesday to protest financial conditions for farmers, including taxes and the exchange rate. If it does ...