Overview

• BCR reports Argentina’s soybean purchasing power at a 12‑month high, up 27% from pre–duty‑cut levels, with local cash prices near USD 300 per tonne.
• Argentina’s September soybean exports are projected at 1.8 million tonnes for a monthly record, bringing campaign shipments to roughly 7.1 million tonnes.
• Exporters and processors in Argentina still need to originate about 11.5 million tonnes to meet season goals, signaling tight supply and logistics challenges.
• Conab estimates Brazil’s 2024/25 soybean crop at 171.5 million tonnes, covering 71% of China’s imports after tariff‑driven sourcing shifts away from the U.S.
• USDA refrained from raising U.S. yield estimates and cut export projections, with the new crop starting without Chinese purchases and pressure on Chicago prices.