The 34 Per Cent Is Not Restocking. It Is a Bet on the Oil Leg
A 34 per cent jump in Colombia's 2025 soybean grain imports looks like restocking. The price says otherwise: realisation rose 6.6 per cent while the tonnage nearly doubled. What actually changed is the form of the purchase — meal to whole beans — and the oil-to-meal ratio that pays for it is set outside Colombia. The forecast's real fault line is crush capacity arriving in 660,000-tonne lumps, not demand.