Also favoring the rise in US soybean oil was the approval in the Senate of an Industrial Policy law that includes incentives for the production of biodiesel. Meanwhile, as explained by the consulting firm Granar, “investment funds remained on the buying side of the market, despite the fact that the United States economy entered a “technical recession” after two consecutive quarterly falls in its GDP.”
At the local level, soybeans traded at US$395 until August 10, thus showing a rise of almost 2%. Until last week, little more than 22 million tons of the 2021/22 campaign remained to be marketed, while producers are already beginning to think about the next sowing of the oilseed.
Despite criticism from some leaders of agriculture, the Government is confident that in August it will be able to receive from the hand of the liquidation of foreign exchange from agriculture some US$4,000 million, which will be key to articulating as a bridge until they begin to enter with force between December and January the dollars of the wheat harvest.
Justly, As reported by the Buenos Aires Cereal Exchange, to date wheat planting advanced 2 points in the last week, reaching a national advance of 98.8% of the 6.1 million hectares projected for the current campaign. In addition, rainfall recorded in the south of the agricultural area allowed the crop scenario to improve by 9 points compared to the previous week.
The better condition of wheat is good news for the Argentine economy, which expects that between December and the first two months of next year, the crop will contribute more than US$4.5 billion in foreign currency to the economy and a total of more than US$6 .000 million if the sorghum harvest is also added.
Finally, andWith regard to corn, with new rises it completed the fourth consecutive positive round in Chicago, with the weather as the main foundation. In line with soybeans, the market was behind the extended reports that cover the first half of August and that predict adverse conditions for the plants, due to extremely hot temperatures and less than normal rainfall in the main coarse grain producing areas.
In this way, the cereal reached US$240 per ton, after earning almost US$6 at the wheel. In the local market, the available one operated around US$231 per ton. In a context in which the harvest advanced around 7 points during the last week to reach 74.2% of the suitable area throughout the country.
Source: Ambito
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