Price rally in the meal market will continue
World soybean meal price remains at a high level due to market concerns about disruptions to the operation of Argentina’s ports. Argentina is the world’s largest exporter of soybean meal. A national quarantine was announced in the country for the period from March 20 to 31.
In the quarantine period, ports continue operating, but various information emerges every day about a possible closure of port-based soybean crushing plants for quarantine – this causes much concern among importers. Soybean futures price for May delivery surged by 11% over the week of March 17-24, staying at a high level. According to the latest data, Argentina’s port infrastructure operates as normal, but loadings are made at a slower pace than usual, UkrAgroConsult analysts report.
An additional bullish factor for prices in Chicago is growth in the Chinese soybean meal market because of interruptions in soybean deliveries from Brazil to China. Despite active harvest progress, Brazil’s ports are also working at a slower pace due to quarantine measures.
Due to the slowdown in arrivals of Brazilian soybeans, Chinese importers have got interested in American origin, thereby supporting Chicago soybean futures as well. The market expects another major purchase of U.S. soybeans by China to be reported shortly.
Growth in U.S. soybean meal quotations caused a rise in sunflower meal prices in Ukraine. Export prices gained to USD 225/MT FOB. In the opinion of UkrAgroConsult, the upward price trend will continue in view of strong demand for Ukrainian sunflower meal from China.
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