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Argentina's state takeover of crusher Vicentin may derail Glencore's bid to buy its Renova joint venture, according to sources. A source close to the talks said Argentina will still crush 40 to 42 million tonnes of soybeans annually, so domestic soy product supply is not expected to change.
Because crushing capacity is expected to stay intact, the ownership change has little direct effect on soymeal or soyoil supply, so price impact is minimal.
reuters.comHugh BronsteinJun 11, 2020After 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.
After 81 past neutral trade events, Soybean Oil moved a median +0.3% over 5 sessions (56% higher; middle half -1.6% to +1.8%), and +0.9% 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.
