An industry source in Argentina told us, “Based on ship lineup data, exporters shipped about 1.2 MMT of soybean meal in January, which would be near the 2013 level. Processors didn’t have beans for crushing as farmer selling in January was slow — only around 300,000 metric tons (MT). After the inflated soy dollar rate in December, farmers refused to sell. Unless that changes, it will be difficult for exporters to meet their commitments.”
USDA lowered its 2022-23 Argentine soymeal export projection by 300,000 MT but shipments currently are expected to decline only 1.5% from year-ago. USDA kept its U.S. meal export forecast unchanged, calling for a 1.3% increase from last year.
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