The soybean sales fell a 45% inter-monthly in June to about 3.8 million tons due to the growth of the gap between the price of the official peso and the informal one in the exchange market, said the head of the Chamber of grain exporters and processorss CIARA-CEC.
The pace of sales of 2023/24 soybeans, whose harvest ended in the last week, has registered delays due to various factors, including excessive rains in April.
“Sales (from farmers) in June fell significantly in relation to May. In June we will be at 3.8 million (tons) more or less, almost a 45% drop compared to May,” said Gustavo Idigoraspresident of CIARA-CEC.
“When the gaps between the official dollar and the financial dollar and the parallel (informal) dollar begin to grow, the grain trading market in Argentina decreases and almost paralyzes it. This is natural,” explained Idígoras.
Currently there is a difference of 45% between the value of the official peso, of 912 pesos per dollar, and the informal one, of about 1,320 pesos per dollar, that same “spread” was between 15% and 20% in May,
A report from the Rosario Stock Exchange confirms the trend: “The business rhythm of the oilseed, which gained momentum during May thanks to the harvest, lost dynamism during the current month.”
In this way, added to the 15.2 million tons of soybeans processed in the first five months of the year according to official data, the volume of ground soybeans in Argentina in the first half would be 19 million tons, below the 19 .6 million average for the period in the last 10 years.
Meanwhile, the Buenos Aires Grain Exchange practically concluded the 2023/24 soybean harvest in Argentina on Thursday, with an estimated production of 50.5 million tons. Sowing of the 2024/25 season soybeans will begin in October.
Source: Ambito
