In Rosario, the soybean price rose, but it was below sellers' expectations.

After the initial downward impact of the worsening trade war between the United States and China in the Argentine soybean market, buyers have today raised from $ 200 to $ 205 per Ton (the equivalent in pesos was 890 to 9251), their proposals opened for terminals in the Gran Rosario area.

However, at this price level, soybean supply was very rare, as the bulk of the sellers were around $ 215/220 per tonne. It is for this reason that some buyers have validated up to 210 dollars per ton for immediate deliveries and have even offered the possibility to accept delayed deliveries in the month of July, but against payment, to 9,600 pesos per ton.

The devaluation of the peso against the dollar, which reduced the parity from 44.45 to 45.13, according to the exchange rate of the buyer (currency) of Banco Nación, prompted buyers to propose best deals in pesos.

The positive trend was also reflected in the Buenos Aires (Matba) futures market, where May and July soy positions added 4.10 USD and 0.70 USD, after being closed with adjustments of 213.10 and 219.50. dollars per ton.

The FOB value of soybeans in Argentine ports, which remained stable on Monday, rose from $ 299 to $ 302 per ton today, while the record in the Gulf of Mexico has only gone up by 320, 59 to 320.68, after yesterday fell $ 4.41 a ton. If the differences between the United States and China increase, it is quite possible that the current gap between the export prices of Argentine soybeans and that of US grain. is reduced or even reversed.

At the Chicago Stock Exchange, soybean prices have shown weakness. The May and July contracts "totaled" $ 0.09 and $ 0.18, closed with adjustments of $ 300.47 and $ 305.25 per tonne.

Confirmation that Chinese Deputy Prime Minister Liu He will travel to Washington this week to continue negotiations, despite the threat of US President Donald Trump to increase from 10 to 25% next Friday. the tariffs for a series of Chinese products reaching 200 000 million dollars did not raise the optimism of the operators.

It is possible that meetings between officials have already lost the ability to generate market interest, especially when private estimates suggest that the final stocks of 2018/2019 US soybeans will reach 25.04 million tonnes, unprecedented volume and better than expected. by the USDA in April, of 24.37 million. On Friday, the agency will release its new monthly report on global supply and demand, with data including the first badessments of the 2019/2020 campaign.

In a supply market, as it is currently the soybean market in the United States, only the news that allows us to see a growth in demand in the Gulf of Mexico can hope to have an impact on the rise in the short term. All the rest will heighten uncertainty and keep prices at the worst level in the last eight months.

Corn asked

The ton of corn delivered to 15 of the current exporters today offered 6050 pesos for the Greater Rosario region (RCO), $ 50 more than yesterday. Up to 20 landfills, the value remained at 6000 pesos per ton.

The Rosario Stock Exchange pointed out that buyers' proposal for grain with delivery in June had rebounded from $ 10, up to $ 130 per tonne. In its report on regular ship cargoes, the entity indicated that between 2% and 26% of the flow must leave the Grand Rosaire terminals 2,038,099 tonnes of maize.

Quotations remained stable in Bahía Blanca and Necochea, where exporters paid between $ 135 and $ 130 per tonne of corn.

In Matba, the corn position for July added $ 0.50 and closed with an adjustment of $ 128.50 per tonne, while the September contract remained stable at $ 133.50.

The Bolsa de Cereals in Buenos Aires (BCBA) reported that consumption paid between 5,100 and 5,700 pesos per ton of maize, depending on the state, quality, origin and mode of payment.

The rebound in corn prices on the Chicago Stock Exchange was very partial after the losses recorded Monday, which reached 2%. Indeed, at the close of business, the tables showed increases of 0.89 USD and 0.88 USD for the May and July positions, adjusted by 140.94 USD and 144.28 USD per tonne.

The upward momentum is due to weather which, according to weather forecasts extended to 8/14 days, will lead to rains above the usual records in the western part of the soybean / corn belt in the United States, which could increase the current delay sowing the cereal. Yesterday, in its weekly report, the USDA revealed the progress of implementation on 23% of acreage, against 36% at the same time in 2018 and against the 46% average of the last four campaigns.

However, even the uncertainty of whether or not to cover all of the planned area with maize has resulted in much higher abundance of farmers than they would like. So much so that the average private estimate predicts the 2018/2019 final stock at 52.20 million tons, above the 51.70 million USDA official April report and more closer to the $ 54.37 million left over from the 2017/2018 cycle.

Wheat Honed

The export has now increased from $ 180 to $ 185 per tonne wheat supply for immediate deliveries on the Gran Rosario, but has maintained its proposals for Bahía Blanca and Necochea at $ 175.

Wheat for the next harvest, for discards from November to December, was estimated at $ 155 per ton, with an improvement of $ 5. While there were buyers interested in grain with delivery in January, this one offered $ 160.

In Matba, the July and January positions totaled $ 0.50 and were closed with adjustments of $ 187 and $ 161.50 per tonne.

The BCBA reported that the mills paid between 7700 and 9100 pesos per ton of wheat, depending on the quality, origin and method of payment.

In the US market, wheat prices have risen slightly, but they are still under pressure compared to 2019/2020 availability, which is expected to be very abundant in the northern hemisphere. The May and July contracts on the Chicago Stock Exchange totaled $ 0.92 and $ 0.83, closing at $ 158.18 and $ 161.49 per tonne. On the Kansas Stock Exchange, the same positions gained $ 0.19 and $ 0.37 after finishing the wheel with values ​​of $ 145.05 and $ 148.45.