Soybean insights

The International Grains Council (IGC) forecasts the record soybean production in MY 2024/25 at 418 mln tonnes. This is up 5% compared to the previous season (396 mln tonnes in MY 2023/24). The main crop growth is expected in the US and Brazil. “Given the growth of soybean consumption in the feed, food and industrial

Rainfall last week was focused on Cordoba, southern Santa Fe, Entre Rios, and northern Buenos Aires. Over the weekend, there was additional rainfall in north-central and eastern Argentina. Rainfall this week should favor northern locations with temperatures remaining above normal. The soybean estimate in Argentina was lowered 1.0 million tons this week to 48.0 million

The European Union (EU) is pushing for restrictions on imports of US food products in response to the US administration's reciprocal tariffs. On the 16th (local time), the British daily 'Financial Times (FT)' reported that the EU is planning to block the import of some foods that violate its own safety and environmental standards. Foods subject to import restrictions include soybeans grown with pesticides that cannot be used within the EU. The FT cited three unnamed EU officials as saying, "The EU Commission will agree to look into expanding import restrictions next week, which will heighten tensions with trading partners." The move is interpreted as a move in response to President Trump's announcement that he would impose a 25% tariff on steel and aluminum starting March 12. The EU opposed the US policy. Maros Sefcovic, the EU's trade commissioner, warned on the 10th (local time) that "US tariffs will drive up inflation." He said, "By imposing tariffs, the US is simultaneously taxing its own citizens, increasing costs for its own companies, and driving up inflation," adding, "Tariffs can have negative effects on trading partners and the entire global trading system." In January, Oliver Barheley, the EU's health commissioner, told the FT, "We heard a clear message from farmers, parliamentarians, and member states that 'if they're banned within the EU, they should be banned on imports as well.'" He said, "Mutants or “If pesticides containing carcinogenic substances were used, they should not be allowed to be imported,” he argued. The highly toxic herbicide ‘Paraquat’ used in some parts of the United States and the fungicide propiconazole are examples. The EU executive also plans to further raise animal welfare standards in trade, FU reported. The EU has strict regulations for domestic farmers regarding the space and sanitation for raising cattle and chickens. Reporter Jeong Seong-hwan sss@nongmin.com