Brazilian soybean exports seen falling due to B14 mandate

In Brazil, Reuters reports that will the expected increase in the biodiesel mandate to 13% from March 2024, soybean exports are expected to fall as the additional biodiesel volumes will require 5 million metric tons of soybeans. Exports should fall between 1 million and 2 million tons, but Argentina, whose production has rebounded following a drought that cut production and exports, is likely to step in and fill the supply gap. So far, soy oil futures haven’t responded sharply to the news of the higher mandate but that is likely due to the assurance of supplies from Argentina.