Unrest in Argentina failed to make European soybean meal prices significantly stronger

Lead: osterdowjones, London, April 23: Argentina's political and financial situation is volatile, but European soybean meal prices are not as high as the industry expected Even if some people are nervous and turn to look for other sources to replace soybean meal, because they are worried that Argentina's export transportation may be interrupted, most businessmen take a wait-and-see attitude, they think that Argentina's export will be restored and the price will fall Argentina, Brazil and the United States are the main suppliers of soybean meal in Europe From last Tuesday, the CIF Rotterdam price of Argentine bean cake has risen from $164 per ton to $176 The strong benchmark CBOT price and the market rumors that Argentina's export transport may be interrupted are the reasons for the price surge Belgian businessmen say there is no room to rise They think Argentina will find a way to solve the problem and exports will recover soon Prices are strong in the near term, but weak in the long term Farmers will export, they need cash At present, most market people take a wait-and-see attitude, unless they need to purchase immediately K85 British businessmen said that if the goods are not urgently needed, they can not buy them The situation in Argentina will soon recover, and then they can buy a lot of goods Once the market opens, the situation can change completely in a week, because Argentina's soybean production is very large Most importers expect Argentina's exports to peak in the short term Argentina's soybean harvest this year, farmers need to sell part of the soybean in exchange for cash This is a negative factor for European soybean meal prices K85 traders at big international said Argentine banks were closed by Friday, but some soybeans should be available for offer on Friday They believe exports will be restored if banks start to reopen Farmers want to sell their soybeans They have a lot of them Argentina failed to get loans from the International Monetary Fund as its financial situation deteriorated over the weekend The government ordered the banks to close down, and the market heard that the export might be interrupted again British businessmen say there are some problems in the market Some people turn their cargo to Brazil and write about it But most importers don't care K85 Belgian businessmen said that if the goods had not arrived by the second half of May, the market would have problems But now there are two ships on the way, and the market is talking about Argentina's exports will recover soon, so the problem is not big K85 said that the quantity of South American soybean meal that will arrive at European ports in April may can basically meet the market demand Therefore, it is not a big problem to postpone the delivery for several months But when exports recover, the price of soybeans and soy products (such as soybean meal) should fall K85