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“Chinese crushers prefer to cancel contracts and pay the underlying fines rather than source Brazilian beans amid negative domestic crushing margins,” TF said, citing one of its correspondents.
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In this same scenario, India has also reduced its exports of soybean meal and oil. “India's oilseed meal exports continued their downward trend in January, dropping 65% from the same period last year, led by declines in soybean meal and rapeseed meal exports, figures released by the Solvent Extractors Association of India showed. India (SEA) this Wednesday. Provisional SEA data pegged India's oilseed meal exports in January at 176,815 MT, much lower than the previous year's 501,552 MT, but 3.6% higher compared to December,” he adds.
Several crushers announce that they are out of sales this week and some are already reporting a lack of trucks for the period, which has shown, since last week, an increase in freight prices. “On average, in Paraná, these rose by around 14%, and should remain at these levels until at least mid-March. If, on the one hand, there was a lower supply due to the availability of soybeans, where harvests are not fully advanced, on the other, many industries were bought, and prices remained high for most markets”, concludes.
By: Leonardo Gottems | agrolink
