Soybeans :have been the most active crop market in recent days as a downward revision to South American crop estimates prompted traders and analysts to raise their forecasts for US shipment demand later this year. Record prices for palm oil, which competes with soybean oil, have also supported oilseed markets due to supply issues.
“With this inflammatory cocktail, we could see soybeans continue to rise, but improved crop conditions and prospects in South America could mean the opposite,” said Cedric Renault, head of commodities at Caceis France, tells Reuters.
On Thursday, new forecasts were released from the Grain Exchange in Buenos Aires, which lowered its 2021/22 soybean harvest forecast to 42 million tons from 44 million tons earlier due to lower yields and a smaller planted area than originally planned. .