Vicentin a large Argentina based soybean crusher is trying to refinance debts of circa $350M. Vicentin were the largest single exporter of meal from Argentina last year. CBOT markets have firmed strongly as a result, given that default from a house this size will have knock on effect to both trade flows and potentially a wider impact across the commodity sector. In addition market premiums are strongly firmer, as soybean meal traders risk manage their positions.
United States exported 5.94 million tonnes of soybeans in October, according to data published Thursday by the U.S. Census Bureau. That is the highest monthly volume since December 2017 and is 9% higher than in October 2018.
Russia’s 2019 wheat crop likely to total 75 million tonnes after drying and cleaning, up from 72 million tonnes in 2018 according to latest data from Russian Ag ministry.