Brazilian soybean oil exports grow again in February

After rising in January, February and the partial month of March, soybean meal on the CBOT recovered. Soybean oil rose in February but fell in the partial month of March. In the domestic market, both meal and oil prices fell in February and the partial month of March. Brazilian soybean oil exports grew again in February and once again exceeded the 100,000 ton volume in one month. The NOPA report showed figures below expectations for US soybean crushing in February.

Soybean meal prices fell again in February, after rising in January. On the CBOT, prices fell 1% in February, and in the first half of March, prices continued to fall, 1.5%, to US$$ 293/t. The improvement in weather conditions in Argentina brought relief and hope that there will be no further cuts to the country's soybean production. Oil prices rose 4.8% in the second month of the year, but in the partial of March, they point to a drop of 7.2%, to US$$c 42.6/lb.

Soybean meal in the domestic market fell 1.2% in February and 4.8% in the first half of March in Rondonópolis, while for oil, the drop was 0.3% in February and 2.7% in the partial of March in Mato Grosso, to R$ 5,986/t.

Soybean oil shipments reached 112,000 tons in February, an increase of 27.6% over the volume shipped in January and 252% above February last year. The government's decision to postpone the increase in the percentage of biodiesel, which should have risen from 14% to 15% on March 1, caused industries to make a larger volume of oil available for export.

Soybean processing in the United States reached 4.84 MM t in February, below market expectations (5.04 MM t) and 11% lower than that recorded in January, 5.45 MM t. Soybean oil stocks came in above expectations.