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Argentine farmer soybean sales to commercial buyers stalled in June, falling 45% from May to about 3.8 million tonnes, according to the CIARA-CEC head. Farmers held stocks as a wide gap between official and informal peso exchange rates made exporters reluctant to sell.
Reduced commercial soybean supply for crushing points to lower Argentine soymeal and soyoil exports, supporting meal prices and reducing export availability.
brecorder.comReutersJun 29, 2024After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
