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Brazilian soybean meal prices fell below Argentina's for the first time in a month, with the FOB Paranagua December price at $363.32/mt. Softer domestic demand and well-stocked local feeders drove the decline.
Strong crush volumes also pressured export prices.
Brazil normally commands a premium, so the discount signals weaker Brazilian export demand and pressure on meal prices. Year-to-date prices are about 20% below 2023.
spglobal.comOct 22, 2024Not 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.
