Soybean prices on the decline
An active soybean harvest in Brazil and forecasts of favourable rainfall in South America are improving the outlook for soybean and corn crops, putting pressure on prices.Soybean prices in Chicago fell to a 2-year low yesterday on forecasts of rain in the main agricultural regions of Brazil and Argentina.
Harvests have started
According to the SAFRAS&Mercado agency, as of 26th January soybeans had been harvested on 9% of the Brazilian acreage (4% last year) and first harvest corn on 15.3% of the 3.97 million hectares sown (12% last year).
Soybean situation in CSE
March soybean futures on the Chicago Stocks Exchange fell a further 1.3% yesterday to $439/t (-3.9% for the week, -6.8% for the month, -13.9% for the year) under pressure from low US export prices.
US exports are looking better than in previous years
According to the USDA, US soybean exports for the 19-25 January were 890,000 tonnes, 54% below the corresponding indicator for 2023, and for the season as a whole 27.666 million tonnes, 22% below last year’s pace.
Air temperatures negatively affect harvest
The heat in Argentina this week could support soybean prices. According to the BAGE exchange, 98% of the planted area in Argentina has been sown with soybeans, from which 52.5 million tonnes of soybeans can be harvested. However, due to the dry weather, the number of soybeans in poor condition rose from 2% to 8% in one week, and those in good or excellent condition fell to 44%. Hot weather will continue for another 7-10 days which will negatively affect future soybean and maize harvests.
Ukraine soya bean prices
In Ukraine, export prices for soybeans delivered to Black Sea ports fell in line with world prices to $430-440/tonnes or ,€397-406/tonnes which allowed processors to reduce prices to €415-427/tonnes for delivery to the factory.
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