Brazilian Soybean Exports Slow in March, Soybean Oil Prices Retreat

Brazilian soybean exports in March indicate a slight increase compared to the previous year, with a growth of 0.7% until the third week of the month. However, this pace has slowed compared to earlier in the month.

According to data from the Secretariat of Foreign Trade (Secex), Brazil shipped 580 thousand tons/day of soybeans so far in March, compared to 575.7 thousand tons/day in March last year. By March 15th, Brazil had exported 6.38 million tons of soybeans, down from 13.2 million tons recorded throughout March last year. Commitments for soybean shipments in March and April indicate a total of 14.30 million tons and 27.83 million tons for the year, respectively. Soybean oil shipments from Brazil have also declined, with commitments well below last year's levels. Technical View: Despite gains in the previous week, CBOT soybean oil futures faced a downturn yesterday, dropping to 48.16 before closing at 48.70 (-1.46%). Today, soybean oil prices remain flat, trading at 48.63 (-0.14%). The current price is below the pivot level of 48.88. If prices decline further, initial support is expected at 47.96, followed by a second support at 47.22. On the upside, the first resistance is at 49.62, with a second resistance at 50.54.