Meanwhile, the key data that supports these projections is the high international prices of the oilseed. On Wednesday’s session it closed at US$639.34, showing an increase of more than US$4 per ton and accumulating the third positive round of the week. Soybeans will once again become the engine of the Argentine economy in 2022 and the government’s gaze is also on sales by agricultural producers.
Until now, around 40% of the harvest has been marketed, that is, some 17.3 million tons have already been sold at a fixed price and to be fixed, but another 26 million tons still remain to be sold. The hope of the Government is that in the coming weeks there will be higher sales that would ensure not only higher income in dollars but also a greater movement in the agribusiness in general.. Currently, soybean processing companies detail that they work with negative margins and part of this scenario is the product of lower internal marketing.
Only during the last week, 786,000 tons of soybeans were sold, showing an increase of 205,000 compared to the previous seven days. In this way, the sales of the producers still remain behind by more than 8 percentage points, with respect to the rhythm of the previous campaign.
Regarding corn, to date, according to the records of the Ministry of Agriculture, more than 26.7 million tons have been marketed for the 2021/22 campaign, with an estimated production forecast of 49 million tons. During the first months of the year, the cereal showed a strong and constant commercialization that began to decrease as of the last week, when business for 421,000 tons was registered, some 519,000 tons less than the previous week.
In any case, the high price of cereal and sales that are expected to continue at a stable rate in the coming weeks, ensure a total income this year of US$9,564 million. Thus, if the current values are sustained, the complex would also reach a record, exceeding the value reached in 2021.
In this context, in the round this Wednesday, like soybeans, corn rose in Chicago for the third consecutive round due to dry weather forecasts in the extended reports for the Midwest of the United States, even despite the rains registered on Tuesday and that limited the improvements, and due to the lack of agreements between Russia and Ukraine to advance in the establishment of safe corridors to remove the grain retained since the beginning of the war. In this way, the cereal closed the day at US$300.97 per ton, showing a daily increase of more than US$2.9 per ton.
Finally, wheat, while the sowing of the winter cereal in Argentina progresses, also showed a rise in its prices, of more than US$1 per ton, to close the wheel at US$394.90. Projections indicate that this crop would also contribute a record US$4.6 billion to the Argentine economy.
Source: Ambito
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