In Argentina, soybean production is estimated to decrease by 2 million tons, now forecasted at 49 million tons.
31-Jan-2025 10:05 AM
In Argentina, soybean production is estimated to decrease by 2 million tons, now forecasted at 49 million tons.
★ Many regions are facing severe water shortages, and planting has been completed.
★ Crop conditions are worsening each week, with 28% of crops in very poor condition, 50% in average condition, and 22% in excellent condition. This marks a 10% decline compared to last week.
★ Recently, the Argentine government reduced export taxes on several agricultural products to help farmers sell more.
★ There is an expected global reduction in oilseed production, with lower sunflower and canola yields, and palm oil production remaining normal or slightly lower in Malaysia and Indonesia.
★ Global sunflower and canola harvests are expected to decrease by 30% in 2025, with strong demand for canola.
★ Palm oil is once again dominating other oils, influencing their prices, whereas soy oil once determined the prices of other oils.
★ Malaysia expects normal palm oil production in Indonesia, but demand continues to rise.
★ The use of edible oils in biodiesel has increased globally by 20%.
★ Soybean oil in the USA and palm oil in Indonesia are being used in biodiesel production.
★ Increased global soybean production has led to higher crushing rates, with an abundant supply of soy oil, but soymeal prices have fallen sharply, disrupting market sentiment.
★ In India, soybean production has increased, but prices remain weak, which could impact the upcoming Kharif planting and result in a decline in mustard planting/production this season.
★ I Grain India predicts that food oil prices could see a significant rise after May.