National Grain and Oil Information Center: Domestic soybean meal prices are expected to strengthen in April.
First, after two tariff increases, my country's current import tariff on US soybeans has risen to 47%. The subsequent cost of importing US soybeans from my country will be significantly higher than that of Brazilian soybeans. Oil mills may increase Brazilian soybean purchases in advance. In addition, the deepening of economic and trade frictions between the EU, Mexico and the United States may turn to purchasing South American soybeans, which will boost Brazilian soybean prices.
Second, the impact of the mutual tariffs between China and the United States on the market is still continuing. The market is worried about the future supply of domestic soybeans, and the bullish sentiment on soybean meal is relatively strong.
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