The futures of the soybean sank in the Chicago market and marked their lowest level on Tuesday in six weekspressured by a greater offer of Argentina after the government announced zero withholdings for grains and due to the lack of Chinese demand from US supplies.
Last Monday, in a strategy to accelerate exports of primary products to contain the exchange pressure on the dollarthe government of Javier Milei announced that the zero retentions for oilseeds and cereals until October 31 or until reaching US $ 7,000 million in sales declared.
On Tuesday’s wheel, The grain market was quoted after falling at the beginning of the sessionsince the recent losses were considered exaggerated, from the point of view of some operators, according to Reuters. “We had put ourselves a bit overendon, especially in soybeans,” he slipped Ted seifiedZaner Ag Hedge Market Strategist.
For their part, wheat futures also recovered after marking new contractual minimums, although The expected impulse of Argentine exports also weighed in the cereal marketwhere there is already a wide world offer.
China points to the Argentine soy and already reserved at least 10 cargoes
Chinese buyers then reserved at least 10 cargoes for 65,000 tons each of Argentine soybeansaccording to three operators, which was another setback for American farmers, already excluded from their main market and affected by low prices.
“China is the key buyer of American soybeans”said Andrey SizovDirector of the Sovecon consultant. “The temporal elimination of Argentine taxes exerts more pressure on the market,” said the expert.
The hopes of a resumption of American soybean trade with China vanished when a call on Friday among the US president, Donald Trumpand his Chinese couple, Xi Jinpinghe did not bring news about agricultural products.
Soja and corn also face the seasonal pressure of the offer for the start of the harvest in the USalthough doubts about yields have helped to underpin futures. The American corn harvest had been completed by 11% on Sunday and soybeans by 9%, according to a government report.
This afternoon, The most active Soya CBOT contract remained unchanged at US $ 10.11 for Bushel in the afternoonafter having fallen earlier au $ s10.05 dollars by Bushel, its lowest level since August 12.
Source: Ambito
