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After the initial hit to wheat supplies, rice is also gaining traction as an alternative, and now the pressure is on soybeans
.
.
Argentina will take action this weekend to suspend exports ofsoybean meal and soybean oil in order to strengthen control over local agricultural products, according to a memorandum signed by Argentina's agricultural market minister Javier Preciado Patino
.
.
The government typically blocks the Register of Exports (DJVE) before raising transport taxes to prevent farmers from preempting price hikes through bulk sales, the analysis said
.
Argentina is expected to increase the transportation tax on soybean meal and oil from 31% to 33%
.
.
Argentina is expected to increase the transportation tax on soybean meal and oil from 31% to 33%
.
Soybean traders told Reuters in an interview:
The sudden suspension of supplies in Argentina will lead importers to turn to the US and Brazil for alternative supplies.
.
.
buyers will have no choice but to reduce consumption or turn to other sources of supply
.
.
.
buyers will have no choice but to reduce consumption or turn to other sources of supply
.
A Singapore-based trader stated:
We expect demand for U.
S.
soybean meal to increase
.
In Southeast Asia, buyers in countries such as Indonesia, Malaysia and Thailand rely heavily on Argentine soybean meal
.
S.
soybean meal to increase
.
In Southeast Asia, buyers in countries such as Indonesia, Malaysia and Thailand rely heavily on Argentine soybean meal
.
Soymeal futures rose more than 2.
2% on the news
.
2% on the news
.
The current market concerns about the global food supply have intensified
.
.
As the food supply chain is blocked, the expectation that inventories may decrease continues to push up food prices and repeatedly set record highs, which not only worries food importing countries, but now even food exporting countries are beginning to be more vigilant
.
.
And once even major grain exporting countries start to take protectionist measures to ensure domestic food supply, it will make the international food situation even worse
.
.
Just yesterday, according to the Russian Ministry of Agriculture quoted by the Russian media Interfax, Russia may suspend the export of wheat, corn and rye from March 15 to June 30, that is, until the end of the 2021-22 season.
, barley
.
, barley
.
Last Wednesday, Ukraine, known as the "granary of Europe", issued an emergency order, announcing a ban on the export of grains, wheat and other grains, and priority supply to Ukraine
.
.
In the face of more and more countries on the list of banned agricultural exports, Steve Mathews, director of strategy at analyst firm Gro Intelligence, said in an interview with Bloomberg that as global supplies tighten, protectionist measures may lead to further increases in international food prices, and "this Greatly increases concerns about inflation.
"
"
Eric Peters, chief information officer at hedge fund One River Asset Management, even warned that the current disruption to the food supply chain could trigger a global "Great Famine
.
"
.
"
The Food and Agriculture Organization of the United Nations (FAO) warned on Friday that global food prices could surge by another 8-20% from current record levels, triggering a global nutritional worsening problems
.
.
