With the full force of the special regime, the price of soybeans in Rosario dropped by 7.6% in three days.

With the full force of the special regime, the price of soybeans in Rosario dropped by 7.6% in three days.

Per ton of soybeans, factories offered 67,000 pesos for the Greater Rosario region.
Per ton of soybeans, factories offered 67,000 pesos for the Greater Rosario region.

Bids from buyers of soybeans sold under the special regime launched by the government on Sunday fell again today.In September, oilseeds are sold at a special parity of 200 pesos to the dollar. Mills paid 67,000 pesos per ton for grain delivered to Gran Rosario terminals, down 2,000 pesos from yesterday. In this way, the price of the three-wheeler dropped by 7.6% from the 72,500 pesos prevailing on Monday.

Exports of unprocessed grains made the best bids in Rosario, delivering 67,500 pesos per ton of soybeans during October. The cost was also a far cry from the 73,000 pesos the sector paid on Monday.

The downward trend of soybeans was also reflected in the ports south of Buenos Aires, where Exporters changed their bids from 71,000 to 70,000 pesos per ton for Necochea and from 70,000 to 69,000 pesos for Bahía Blanca.

“There was a drop in operating volume today, which was about 300,000 tonnes between shipping and repairs. Regarding the soybean dollar, the offers received by the factories in the first week exceeded the expectations”, says a source of the commercial sector.

He added that it is important to understand that apart from daily operations, the figures that will be released later are more important because they also consider soybeans already delivered, priced in dollars and only now in pesos. “All things considered, the final number is always higher than what we see as daily traffic,” he explained.

In this regard, the Rosario Stock Exchange announced today that “Total business in the Sioux domestic market is 3.1 million tons after the implementation of the export growth program.”

The Matba Rofex wheel was slightly lower than soybean prices. The September position, which broke away from the rest last Monday, fell $1 to close at $344.50 a tonne. The November and May contracts amounted to $1.90 and $1.40, and their closing prices were $384.60 and $365 per ton.

On the Chicago Stock Exchange today, the Soyos made a very weak improvement after losing the previous two rounds. September and November positions recovered $1.38 and $0.92 after closing at $540.32 and $509.27 a tonne. This increase was part of a technical recovery in the US market, but market arguments were higher.

In this sense, the harvest period begins when the first tasks are fully underway in the southern states of the United States. In addition, Chinese demand remains subdued and the strength of the dollar against the real makes US exports less competitive than Brazilian ones.

In Brazil, today the national delivery companydependent on the Ministry of Agriculture, raised its estimate for Brazil’s 2021/2022 soybean crop volume from 124.05 to 125.55 million tonnes in its monthly report and raised its export forecast from 75.23 million to 77.20 million. Similarly, it estimated foreign sales of soybean meal at 18.86 million tonnes, slightly higher than the 18.73 million in the August report, and kept soybean oil exports at 2.10 million tonnes. In that work, the agency revised 2020/2021 production upward from 138.15 to 139.39 million tonnes, with soybean exports at 86.11 million tonnes, flour at 17.15 million and oil at 1.65 million.

Source: La Nacion

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