Soybean market rebounds

28.02.2017

Soybean meal prices have rebounded from a low of USD 370 per tonne in October 2016 to around USD 400 per tonne. In June 2016 it reached a high of USD 490 per tonne. A trader based in Malaysia told Asian Agribiz, the rise in price can be attributed to heavy rains in Argentina, which is not favourable to the crop.

“However, with good soybean harvest progress in Brazil, and farmers are consistently reporting excellent and record yields, local buyers are still bearish on soybean meal,” she said. Brazil’s soybean harvest reached 24.8% of planted area by last week, above the five-year average of 17.1% for this time of the year, Safras Mercado consultancy said.


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