In South Africa, harvests are nearing completion, which may add pressure to the international market in the short term. In the United States, soybean planting is starting in the South with 6% of the planted area, compared to the usual 2% at this time. The rains of recent weeks are being closely monitored, and an excess of water could slow down the planting pace. Soybean acreage is expected to increase this year in the USA due to improved profitability and soaring fertilizer prices.
The evolution of acreage will remain decisive in this context of comfortable global availability. In Europe, the closure is less pronounced than in the American market, with prices in Montoir around $384/t. The recent increase in the euro-dollar exchange rate has been able to offset the closure of the Chicago Stock Exchange, ultimately pushing prices down by $20/t since mid-March.
The market will remain very attentive in the coming days to any announcement effect in case of an agreement between the USA and Iran, which could add volatility to the oil market and, consequently, to the entire oilseed complex.
Argus Media (1)
(1) A company specializing in monitoring raw material markets, providing weekly agricultural analysis.
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