This number reflects a rise of 14% ($479 million) compared to October and 17% less ($346 million) than in November of last year. However, the fall was 79.23% (much more pronounced) compared to September, when the soybean dollar I was implemented.
The reissue of the soybean dollar saves the rebound effect of the first round
It happens that, after the sharp rise in foreign currency income of Septemberwhen they were liquidated US$8.120 million (more than double the US$3.820 million of August), October and November were the worst months of the last three years, with US$1.17 million and US$1.697 million respectively. Since February 2020, when US$815 million were settled, and March 2020, with US$1,064 million, such low volumes have not been seen.
This is explained, in part, by the advances of September. In the market, sources had been anticipating that this would happen towards the end of the year after the rise in September, precisely because it was about advancesand that was reflected in the drop in sales in October and November.
According to CIARA reports, at the beginning of November, there was a drop in purchases by exporters, after the boom in September: 762,000 tons were purchased in the first four weeks of the month, but they highlight that the exchange rate at $230 prompted a higher volume of sales in the last stretch of the month.
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Also, in November there was a drop in the number of soybean trucks Once entered the ports, the transported volume reached 892,000 tons, well below the 1,343 million tons that entered in October.
Secondly, CIARA see a slight increase in the use of soybean grinding: usability passed from 40 to 50% in the month, so the idle capacity now reaches 50%.
And finally, contrary to what is desirable, there is a trend towards the primarization of exports, with a notable increase in the sale of soybeans, which reached 1,164,000 tons in September and 2,116,623 in October. The other side of this was the drop in soybean oil exports, which went from 318,527 tons in September to 211,786 in October.
Source: Ambito
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