In South Africa, the harvests are nearing completion, which may put pressure on the international market in the short term. In the United States, soybean planting has begun in the South with 6% of the planted area, compared to the usual 2% at this time. Recent rains are being closely monitored, as excess water could slow down the planting process. Soybean acreage is expected to increase this year in the USA due to improved profitability and soaring fertilizer prices.
The evolution of acreage will be crucial in a context of comfortable global availability. In Europe, the market is less firm compared to the situation in the United States, with prices at Montoir around 384 euros per ton. The recent strengthening of the euro against the dollar has offset the firmness of the Chicago Board of Trade, resulting in prices falling by 20 euros per ton since mid-March.
The market will be closely watching for any potential announcement of an agreement between the USA and Iran in the coming days, which could increase volatility in the oil market and, subsequently, in the entire oilseed complex.
Argus Media (1)
(1) A company specializing in monitoring raw material markets, providing their weekly agricultural analysis.
