Intensions to plant indicate
Locally, we anticipate yet another expansion in the area planted to soybeans for 2023 as shown by the CEC in their Intentions’ of producers to plant summer crops for 2023 report. This shows that the intended area is expected to increase by 16.2% from the
another signficant expansion in area
previous year where we expect a record soybean crop for the 2021/22 season at 2 201 000 tons. Production for 2023 will therefore exceed the local crushing capacity, just as the production in the 2022 season. Alternative markets have to be sought to cater to the oversupply locally.
CBOT Soybean and SAFEX SB Prices
SEPT 2018 – SEPT 2022
SAFEX SB CBOT Soybean
650 600 550 500 450 400 350 300 250 200
10000 9000 8000 7000 6000 5000 4000 3000 2000
Source: Reuters, 2022
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