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

게시됨 2023년 3월 1일

Tridge 요약

Record soybean harvests in Brazil and Argentina, along with reduced demand and increased supply, are contributing to a decrease in global oil market prices. Despite a farmers' strike in Argentina, prices are still falling. In the United States, soybean processing volumes have decreased, and exports have dropped significantly. The EU has seen a increase in soybean imports. Meanwhile, rapeseed and canola futures have also seen decreases in Paris and Winnipeg, but soybean demand remains high in Ukrainian ports.

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원본 콘텐츠

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 ...

출처: Graintrade