Good levels of soy and corn sales in Argentina

Published 2021년 8월 1일

Tridge summary

The article provides an overview of the dynamic of soybean, corn, and wheat purchases and sales in Argentina, highlighting the current status and future projections of these commodities in the local and international market. It notes that soybean purchases for the 2020/21 campaign are slightly ahead of the five-year average, with 57% of the estimated production already acquired. Corn purchases are progressing well, with 60% of the total supply already sold, and wheat sales are setting record levels for the 2021/22 season, despite 10% of the total supply being unsold. The article also mentions the impact of weather conditions on spring wheat and the smaller harvest expected in Russia, which could influence international cereal prices. It further discusses the net bearish bets of investment funds in Chicago and their reduction, indicating a potential turning point in the market. Overall, the article provides a comprehensive analysis of the Argentine and global agricultural market, including factors that contribute to the price fluctuations of key commodities.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

After the euphoria of business with the soybean harvest, which between April and May left a balance of more than 7 million tons traded, the purchase-sale contracts in the month of June accumulated about 2.8 Mt and July is on track to total 2.2 Mt, according to SIO grains. To date, the 25.8 million tons that the oil industry and exports have acquired represent 57% of the estimated production, in line with the average trade balance of the last 5 years and somewhat above the ratio registered at the same height of the previous year. To this must be added the cut in production of the order of 10% year-on-year according to the estimates of the BCR's Strategic Agricultural Guide (GEA), which leaves the available balance of soybeans to be sold for the 2020/21 campaign at 11.7 million tons, far behind the availability of recent years, which was around 15.5 million tons. Local trade dynamics found soybeans around US $ 330 / t this week, slightly below the US $ 335 average of last week. With ...

Source: On24