Soybean prices continue to fall, despite lower crop forecasts in Argentina and Brazil

Despite lower crop forecasts in Argentina and Brazil, soybean prices continued to fall under the pressure of a difficult situation in the US banking system. Traders believe the bankruptcy of two major banks involved in cryptocurrency could sharply lower fuel and food prices. In a March report, experts from the Brazilian agency Conab reduced, compared to February estimates, the forecast of soybean production in Brazil in 2022/23 MR by 1.5 million tons to 151.4 million tons, which are planned to be harvested from 43.5 million hectares (last year from 41, 125.5 million tons were threshed on 5 million hectares). According to AgRural, soybeans in Brazil are now 53% harvested, down 11% from last year's above-average rates thanks to dry weather. 82% of the second crop corn was sown in the central-southern region compared to 94% on the same date last year. In view of the expected improvement in yield, the general forecast for corn production in Brazil in 2022/23 MR has been increased ...