Supply and demand for soybeans guide the international scenario

The international soybean market is undergoing a period of fine-tuning, with agricultural and fiscal policy decisions influencing supply, demand, and stock outlooks for the upcoming season. Analysis from Itaú BBA indicates that the latest report from the United States Department of Agriculture brought few relevant changes, while movements in South America add new elements to the scenario. The USDA kept unchanged the production, export, and final stock estimates for the United States for the 2025/26 crop, even with weekly shipment data indicating the possibility of exports below the official projection. In the global balance, the agency revised upwards the world stocks, which now total 122.4 million tons in the 2025/26 cycle, above the previous report, although still below the volume recorded in the past season. In Argentina, the government announced the permanent reduction of export tariffs on grains and derivatives in an attempt to ease the tax burden on the agricultural sector. ...