We think that USDA’s surprisingly lower-than-expected estimate on US soybean (SB) planting areas and its 5-year low tally of total US SB stocks in Mar point to the tightening 2021/22 US stockpile. Moreover, the abnormal drought condition in some states in the Midwest has raised concerns over prospects for the upcoming US crop during May-Oct 2021. Our TRADING BUY stands on TVO, based on robust 1H21 earnings and a high dividend yield.
Equity Analysis /Thailand
Thai (Bualuang): Agro&Food -Soybean: Concerns over drought in the Midwest in Apr
Lower-than-estimated prospective plantings; record-low SB stocks
Record-high Brazil SB exports in Mar; robust US SB exports YTD
Warmer- and drier-than-usual in the US