The price of a ton of soybeans is around US$375. The Government is closely monitoring the dynamics of the main export crop.
The soy falls again in the market Chicago and It is touching new lows since 2006 in real termsThis decline has the Argentine government on alert, given that this oilseed and its derivatives are the country’s main export products.
The price of the oilseed fell for the third consecutive day, 0.6%, to stand at around 10 … US$375 per tonSoybean meal is also sinking sharply, although oil is trading higher.
In this way, the value of the bean touches its lowest nominal level since 2020 and, adjusted for inflation, is located in a similar zone to that verified at the end of 2006. The falls respond in part to the improvement in the condition of the soybean crop compared to the previous week when the market expected a deterioration.
Grain clearance improved in July
The liquidation of the cereal complex reached US$2,616 million in July, which implies an increase of 35.8% year-on-year and 32.3% compared to June, According to the Argentine Chamber of the Oil Industry (CIARA) and the Cereal Exporters Center (CEC).
The increase compared to July 2023 was explained by a depressed comparison base as a result of the drought, while the increase compared to the previous month refuted the alleged retention of grains by the agricultural sector.
This way, In the first seven months of the year, there was an increase of 5.2% compared to the same period in 2023. “July was the best month of the year in terms of foreign currency earnings from agricultural exports,” the entities stated.
This level of liquidation allowed the government to mitigate the loss of reserves, which in total for the month was higher than US$2.6 billion. During the period there was a sustained fall in the price of soybeans that somehow encouraged producers to sell the grain. On the other hand, the The latest government measures have removed the possibility of a devaluationwith which some sector of the field flirted.
Source: Ambito
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