Soyabean, soya meal prices jump on Argentina drought concerns

Soyabean, soya meal prices jump on Argentina drought concerns

12/02 - Latin American country is a large producer and exporter of soyabean and soya products

Soyabean and soya meal prices jumped on worries about drought in Argentina, a key producer and exporter, as rains last week fell short of expectations.

Dry weather is forecast for the next 5 days, and soyabean prices gained 2 per cent in Chicago’s CBOT above $10 a bushel for the first time in two months, while soya meal rallied 4 per cent to $358.2 a short ton, the highest since July 2016.

Argentina is the world’s largest soya meal exporter, accounting for almost half the international market.

“Meal appears to be making a massive breakout of a trading range that has been in place for eighteen months,” said Michael McDougall at ED&F Man Capital Markets.

 

www.prensa.cancilleria.gob.ar es un sitio web oficial del Gobierno Argentino