Feed & Additive Magazine Issue 3 April 2021

MARKET REPORT FEED & ADDITIVE MAGAZINE April 2021 87 The most promising development for soybean prices will be the increase announced by the IGC in its 2021/22 projection. If the projections continue in this way in the coming months, price stability in soy and some decline will likely be achieved. However, the demand for soy products such as biodiesel, oil and pulp, and harvest results in the southern hemisphere remains important as additional determinants of prices. PROGRESS OF SOYBEAN PRICES WORLDWIDE Soybean export prices, which hovered around $ 340 per ton at the beginning of 2020, showed a rap- id increase throughout the year due to the decline in production. In the last quarter of the year, prices approaching 540 dollars per ton in Brazil, 500 dollars in Argen- tina and 480 dollars in the USA closed the year be- tween 460-500 dollars. Soybean prices, which rose to $ 580 in Argentina in the first weeks of 2021, continued to follow a slightly more horizontal course in the 500-540 range in the following weeks. It seems likely that the flat course in prices will continue for a while due to the increasing produc- tion expectations and the beginning of the harvest in countries in the southern hemisphere such as Brazil and Argentina, which are the biggest exporters. The most promising development for prices will be the increase announced by the IGC in its 2021/22 pro- jection. If the projections continue in this way in the coming months, price stability in soy and some decline will likely be achieved. However, the demand for soy products such as biodiesel, oil and pulp, and harvest results in the southern hemisphere remains important as additional determinants of prices. References: • International Grains Council (IGC), Grain Market Report, 25/03/2021, https://www.igc.int/ • United States Department of Agriculture Foreign Agricultural Service (USDA), Oilseeds: World Mar- kets and Trade Report, March 2021, https://www.fas. usda.gov/