SLUGGISH ECONOMY SLOWS THAILAND’S SOY CRUSH
A slow economic recovery will keep soybean crush in Thailand in 2023-24 and 2024-25 well below the five-year pre-pandemic average, according to a GAIN report. Thailand’s soybean crush is expected to grow 2% in 2023-24 and 3% in 2024-25. Soybean crush is projected at 2.43 million tonnes in 2024-25, up from 2.36 million tonnes the previous year. Annual soybean production is marginal at 50,000 to 60,000 tonnes. Imports, mostly from Brazil, meet soybean demand in Thailand and are projected to be 3.3 million tonnes in 2024-25, up slightly from 3.27 million tonnes. About 70% of soybeans in Thailand are crushed for cooking oil. “Crushers are reportedly holding high soybean inventories due to lower-than-expected domestic consumption of cooking oil and soybean meal for animal feed, following an economic slowdown in the second half of 2023,” the FAS said.
(Link: WorldGrain)
CONCERN GROWS FOR ARGENTINA’S SOY HARVEST DUE TO HEAVY RAINS
Prolonged rainfall over Argentina’s farming heartland has fueled fears of delays to the ongoing soybean harvest that could cause production losses, the Rosario grains exchange said on Monday. The heavy rains make it difficult for harvesting machines to enter fields, with the risk of losses from diseases or the ripening of soybeans in their pods. Last week, Russo reduced his estimate for the 2023/24 soybean harvest to 51 million metric tons due to a heat wave in January and February. Adverse conditions for soybeans could boost Argentina’s 2024/25 wheat season. Russo said the rains could also assist wheat planting, as well as for next season’s corn and soybean crops.
(Link: Successful Farming)
