“72 hours after the start of decree 576/2022, the income of #currency totaled 1,075 million dollars, exceeding the goal set last Sunday,” Ciara-CEC said through her account on the social network Twitter, a message that was shared by Minister Massa.
In the same sense, the Secretary of Agriculture, Livestock and Fisheries expressed himself this morningJuan Jose Bahillo, who assured that “the soybean dollar exceeded expectations”, which is why he sees the income of US$ 5,000 million during September as surpassable, other of the objectives set by Massa.
“The field accompanies us with record sales and the soybean dollar exceeded our expectations. At this rate, we expect to exceed the expected US$5 billion,” said Bahillo during a tour of the Argentine Cooperative Association’s corn seed sorting plant. (ACA) regarding the start of the 2022/23 seed sowing campaign.
In factofficial sources expressed yesterday that “the US$5,000 million is a floor, we believe that this amount will be exceeded” because the producers “took it very well” with the program.
Sales in the local market grew exponentially compared to the average sold in previous weeks, with great interest from producers both for new business, as well as to set a price for merchandise already delivered.
According to the Rosario Stock Exchange (BCR)the soybean trading and fixing operations registered yesterday reached a volume of 1.34 million tons, which accumulated a total of 2.13 million tons in the first days of the week.
As highlighted by the BCR, Tuesday’s trading volume included both new buy-sell contracts and postings for trades arranged prior to Tuesday, and excluding cancellations.
“This figure is 68% higher than that of Monday, bringing the total number of registered soybean businesses to 2.13 million tons in just two days, since the Export Increase Program came into force,” said the stock market entity .
According to the SioGranos monitor, the electronic platform for information on grain trading and exchange operations and the publication of reference prices on the local market, until 6:00 p.m. on Wednesday, 347,000 tons of soybeans had been sold, both in chambers and in factories.
Regarding the price, in Rosario the offers for the oilseed with immediate delivery and for the fixing of merchandise did not show changes compared to the day before, at $69,000 per ton, while for the unloading of soybeans agreed for October it was located at $68,500 per ton.
As for the Matba-Rofex forward market, the September contract gained 0.14% to US$345.5 a ton.
In the Chicago market, the September oilseed contract fell 1.56% (US$8.54) to US$538.94 a ton, while the November contract fell 1.09% ( US$5.60) to conclude the day at US$508.35 per ton.
The reasons for the drop were based on the progress of the North American harvest, the decrease in Chinese purchases and the high sales of beans in Argentina.
“While the downward pressure of the US harvest affects prices, soybean imports from China fell by 24.5% year-on-year, which shows a waning commercial dynamism, while deepening the losses“, explained the Rosario Stock Exchange (BCR).
For its part, the grain broker Granar maintained that the declines were largely due to the high sales of soybeans so far this week in Argentina, hand in hand with an improvement of up to $200 in the exchange rate for soybean complex products.
Oil accompanied this trend with a drop in its price of 1.87% (US$26.90) to US$1,403.78 per ton, while flour gained 0.59% (US$2.87) to settle at US$ 480.71 per ton.
Source: Ambito
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