Quotes of soybean meal on the US SWOT exchange fell down by 6.5%
Soybean
United States
Published Mar 20, 2023
Tridge summary
From March 10 to March 17 on the Chicago Mercantile Exchange (SWOT) quotations of soybeans, meal and oil produced from them behaved differently. Soybeans and meal went down, while oil, on the contrary, went up, KazakhZerno.kz reports. The turmoil at the grain exchange in Buenos Aires in Argentina did not affect soybeans in Chicago. Argentina lowered their production forecast from 29 million tons to 25 million tons (-4 million tons) in MY 2022/2023. It is reduced due to the assessment of the consequences of a prolonged drought.
Original content
The new outlook is the worst for the country's key export crop in almost a quarter of a century. Soybeans and other crops grown in the fields continue to suffer due to lack of rain and record high temperatures lingering on the thermometers. Argentina is the world's largest exporter of soybean meal and oil, and the third largest exporter of corn. They serve as its main source of foreign exchange, which it desperately needs to replenish depleted reserves and pay off debts. The soybean harvest in MY 2022/2023 is expected to be the lowest since MY 1999/2000, when 20.1 million tons were produced in Argentina. Then soybeans were grown on an area of 8.8 million hectares, and now - 16.2 million hectares . Their exports will earn a record low amount since MY 1988/1989, i.е. for thirty four years. In the above period, soybeans fell from $15.13 to $14.76/bushel, or 2.44%, oilseed meal fell from $498.8 to $466.0 per tonne, or 6.57%, and soybean oil rose from $0.5610 to $0.5683 per ton, or by ...
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