• Locally, an area expansion and the associated increase in production are bound to slow further price growth. In fact, for the 2023 season, we are likely to see notable surplus soybean production which would result in soybeans trading at export parity. Soybean production in 2023 likely more than local crushing capacity • With soybean exports being relatively limited, there is an option to replace imported soy cake - typically used at the coast - with local production. Since it is more cost-effective to use imported oil cake in these areas due to notable inland transport costs, local production prospects could result in pressure on local crushing margins. Average Soybean Prices (2019-2021) and Price Forecasts (2022-2025)
Table 2.2
Soybeans (R/t)
2019 2020 2021
5 326 7 165 7 816
8 830 8 175 8 295 8 220 Forecasts
2022 2023 2024 2025
Source: Absa AgriBusiness, 2022
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