Brazil Forecaster Safras estimates that farmers have sold some 26% of planted crop for the 17/18 crop year equivalent to 30.5 million tonnes of the 114.7 million tonnes production forecast. Pace of sales is slow based on an average of previous years where around 33% was sold at a similar time point.
U.S. agricultural cooperatives are building new soybean crushing plants at the fastest rate in two decades as farmers in the world’s top producer prepare to sow another record area with soy. U.S. processors are expected to open plants with capacity to process at least 120 million bushels of soybeans in 2019, up around 5% from existing capacity of an estimated 1.9 billion bushels. The last time outright capacity grew that much was in 1997-98, according to U.S. Department of Agriculture and soy industry data.
Consultancy AgRural on Friday raised its forecast for Brazil’s 2017/18 soybean harvest to 112.9 million tonnes from 110.2 million.
Further improvements to Arg / SOAM weather forecast (rain) helping take the focus off soybean meal markets.