The soybean futures from Chicago rise 0.5% to $550 this Tuesday, April 11. The corn and wheat contracts operate in the opposite direction.
May soybean contracts rise 0.5% on the day and are located at 550 dollars. It is followed by the other contracts with similar increases.
Corn contracts for their part fell 0.1% to $257, while wheat contracts fell 0.7% to $247.
At the regional level, Brazilian farmers are benefiting this year from a fall in import prices of fertilizersafter sanctions imposed in 2022 on the main producers, Russia and Belarus, raised fears of a global supply shortage.
According to analysts, Brazilian producers of foods such as coffee and soybeans have seen their purchasing power increase for inputs such as urea and the NPK fertilizer mix, which contains nitrogen, phosphorus and potassium in different proportions.
In that same sense, Brazil displaced Argentina as the world’s top exporter of soybean meal for the first time in history without yet computing the effects of the drought, according to a private report. Likewise, Brazil surpassed Argentina in soybean crushing volume for the first time in 26 years.
At the local level, on Wednesday of last week the Government announced a special exchange regime to strengthen the reserves of the central bank. In summary, it launched a new edition of the Export Incentive Program, known as the soybean dollar or agricultural dollar, which will offer $300 for every dollar obtained from the export of oilseeds and their derivatives and some products from regional economies that will be detailed. in the coming days but that already have the support of the peanut, corn, wine, fishing, and tobacco chambers, among others.
On the first day of the measure’s validity, last Monday, no sales were registered.
The Government announced this Tuesday that exporters who have adhered to the Export Increase Program (PIE) in the two previous versions and that have valid Affidavits of Sale Abroad (DJVE) may request an extraordinary extension of the shipping period of 60 calendar days, ordered the Ministry of Agriculture.
Source: Ambito
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