Sales of August were 50% below of the maximum volumes reached during the harvest. Apparently, Producers decided not to sell the available soybeans or to sell the minimumand expect a future improvement in soybean prices.
However, to have greater liquidity, or to make money, producers are selling corn.
“Producers protect their soybeans as store of value because the demand of the oil industry is active every day of the year, on the other hand, Soybean exporters are active buyers mainly in the first three months of the harvest“, reported the Chamber of the Oil Industry of the Argentine Republic (CIARA).
The numbers of the harvest
The agroindustry liquidated US$16,091 million in the first eight months of the year and soybean producers are expected to accelerate sales in these months.
In August, Agro-exporters liquidated US$2,451 million, 40% above the same period in 2023, although 6% below July.
In 2020, the agro-industry generated 9.4% more revenue than in the same period in 2023, according to the Chamber of the Oil Industry (CIARA) and the Cereal Exporters Center (CEC).
By mid-August, 26.1 million tonnes had been harvested, or 52% of the 50.5 million tonnes harvested.
Last year, at the same time, they had sold 11.9 million tons, 48% of the production, and in 2022, 22.3 million tons, 51% of the threshing.
Soybean price
The oilseed had touched $370 during the trading session on Tuesday, its highest level since August 7. However, This Wednesday the CBOT contract fell 1% and the ton is located at US$362.84.
Source: Ambito
