Highlights
NOPA posted a record February soybean crush by almost 20 mil bushels as new facilities come online and processors make up for lost ground due to January weather. The previous record for February was 166.28 mil bu. in 2020; February 2024 NOPA crush was 186.194 mil bu. (average estimate was 178). It is looking more and more like the USDA is 100 mil. bu. too low on their projected crush for this marketing year.
Agrinvest Brokers have reported Paraguay soybeans began moving to crushers in Southern Brazil. Brokers estimate the volume at least 60,000 tons. Paraguay soybeans typically go to Argentine crushers due to the cost of freight by barge being much cheaper than trucking to Brazil.
Argentine crushers are expecting a new Soy Dollar program will source Argentine beans at a lower cost. However, low water in Paraguayan River is expected to decrease further, potentially increasing freight rates and unreliability. But the main point is the firm domestic soybean basis in Brazil is drawing foreign beans, like the state of Paraná, where the soybean basis firmed 10¢ yesterday.