The value of the oilseed is pressured by a significant supply in the international market and the general fall in commodity prices.
In the agricultural productive sectors of Uruguay Concern grows over falling energy prices soy, which accumulates its sixth consecutive week of decline in a complicated international context in terms of commodity prices. commodities.
2024 had already been warned as a year in which commodity prices would be a headache for agricultural countries, highly dependent on export of raw materials as it is Uruguay. In fact, this was already a problem for placements during 2023, although other internal factors were added such as the drought and low competitiveness due to the backward exchange rate.
Now, the value of soybeans is increasingly positioned as a concern given the drop in its price for the sixth consecutive week. According to data from Blasina and Asociados, the grain in Chicago It crossed the barrier of $450 per ton for the July position, a drop of $70 in the last two months, hitting two-year lows.
At the local level, meanwhile, the references continue to be adjusted and are already close to 390 dollars per ton, despite the fact that the crops are progressing in very good conditions.
Lots of supply that collapses prices
On the other hand, the good harvest and the excess supply It also puts downward pressure on prices: if the Brazilian harvest does not exceed 150 million tons—due to adverse weather conditions—the production of Argentina ensures that the region will remain above 200 million dollars, a volume that has been putting downward pressure on prices in Chicago.
He wheat, For its part, it lost a good part of what it had recovered on the last day of the week and still improved last Friday’s reference and closed at $220 per ton in the March position, a weekly increase of 1.2%.
In Uruguay the price for wheat is on the 200 dollar axis and the malting barley, tied to Chicago wheat, it stands at 210 dollars per ton.
The price of corn It also closed on Friday lower in the international markets and the week closed in a tie with a reference of 175 dollars per ton, after a six-week bearish streak; while in the local scenario the harvest is progressing with great prospects.
Source: Ambito
