Argentina has blocked agriculture traders from registering cargoes of soybean meal and oil for export, a move it usually makes before hiking taxes on shipments, amid expectations that the government will seek to tap the global rally in crops, Bloomberg reported. Futures for soybean meal climbed to a seven-year high.

Commodities estimates

The March World Agricultural Supply and Demand Estimates (WASDE) forecast a strong soy campaign in the U.S. with full season export estimates increased from 55.79 Mt to 56.88 Mt, with a reduction in ending stocks from 8.84 Mt to 7.77 Mt.

For South America, estimates for production in Argentina were reduced to 43Mt, down from 45Mt, while for Brazil production estimates were lowered from 134Mt to 127Mt. With reductions to South American production, Chinese full-season import estimates were lowered from 97Mt to 94Mt.

In its second forecast for the 2022 crop, COCERAL estimates the total grain crop in the EU-27+UK at 305.6 million tonnes. This would be up from the 304.5 million tonnes forecast in December, but slightly down from the 307.3 million tonnes harvested in 2021.