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Argentina imported about 3 million tonnes of soybeans from Brazil and Paraguay in the first four months of the year, per a USDA report. Soybean output was cut to 25 million tonnes after drought, the lowest in more than two decades.
Record imports helped crushers keep operating despite the shortfall.
Strong import flows from neighbouring countries partly offset Argentina's production loss, cushioning crush and meal supply. The net price effect on soybeans and meal is limited, though the drought still tightens the regional balance.
ofimagazine.comQuartz Business MediaJul 3, 2023After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% over 20.
After 224 past neutral trade events, Soybean Meal moved a median -0.2% over 5 sessions (43% higher; middle half -1.7% to +1.2%), and -0.2% over 20.
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.
