Soybean Processing Facilities Temporarily Suspended In Brazil

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BRAZIL : The vegetable oil industry of Soybean association Abiove announced a temporary shutdown of a number of processing facilities due to low profitability, which fell to the lowest level in the last 14 months, Reuters reported.

It is noted that the reduction in profitability is associated with weak demand for biodiesel fuel and large supplies of soy products (oil and meal).

Experts report a possible reduction in their own domestic consumption forecast in the short term and call on the Brazilian government to increase the current blending mandate from B10 (10%) to B15 (15%) in 2023.