Soybean price rose 4.4% in Rosario, but sales were weak

The price of soybeans on the local grain market increased by 4.4% today, from 9,100 to 9,500 pesos per tonne for deliveries to Gran Rosario, due to higher seed prices. oilseeds in the foreign market and the intention of the demand to activate a square that records little movement due to conflicting expectations between sellers and buyers.

"Despite the $ 400 jump, the market has remained calm, with a turnover of between 20,000 and 25,000 tonnes of soybeans, very little for buyers' expectations," he said. at LA NACION, a source in the commercial sector. He added that a large number of sellers are selling about $ 10,000 for immediately deliverable grain, "a level that seems far today."

Similarly, the source warned that, given the uncertainty in the foreign market due to the potential drop in US production, "it can not be ruled out that, even if the $ 10,000 is reached, the volume traded remains This value is sought after, the bow goes a little further, "he said.

In the context of deferred sales transactions in the last quarter of the year, some buyers offered between 9,600 and 9,800 pesos per tonne of soybeans, subject to immediate payment.

The positive trend was for soybeans for the next harvest, as buyers' offers for grain delivered in May increased from $ 230 to $ 240 per tonne.

Likewise, the wheel balance was bullish on the Buenos Aires (Matba) futures market, where the November and May soybean contracts totaled US $ 3.70 and US $ 5.50, after closing with adjustments. from 242.50. and $ 241.50 per tonne.

At the Chicago Stock Exchange, soybeans closed with a positive balance for the third consecutive round. Lists reflect increases of 3.13 from the August and September positions, with adjustments of $ 328.68 and $ 330.79 per tonne. Waiting for a reduction in the estimate of the soybean crop in the United States in 2019/2020 was the main reason for the price rise.

In this sense, tomorrow, the United States Department of Agriculture (USDA) will release the monthly report with its global supply and demand estimates of cereals. Operators expect an average soybean harvest of 105.68 million tonnes, down from the agency's forecast of 112.95 million in June. This reduction would be the result of the smallest area planted and an adjustment of the average yield.

Corn and wheat

In the corn market, the open grain supply with immediate delivery was 6350 pesos per tonne for the Gran Rosario, $ 50 less than last Friday. However, for business with very specific deliveries, came to offer between 6500 and 6600 pesos.

For Bahía Blanca and Necochea, exporters' offers remained stable at $ 150 and $ 155 per tonne.

The next harvest corn proposal for deliveries between February and April on the Gran Rosario also remained stable at $ 150 per tonne. In Matba, grain positions in July and April lost $ 3 and closed with adjustments of $ 155 and $ 154 per tonne.

The Bolsa de Cereals of Buenos Aires (BCBA) reported that consumption paid between 5900 and 6750 pesos per ton of corn, depending on the quality, the state, the origin and the method of payment .

In Chicago, September and December positions on corn totaled $ 0.98 and $ 0.88, after completing the cycle with adjustments of $ 171.25 and $ 173.02 per tonne.

About the USDA's monthly report, operators estimated, on average, a corn crop in the US in 2019/2020 of 347.08 million tonnes, close to the 347.49 million projected by the company. The agency in June, but far from the 366 million 29 million of the previous cycle.

In the case of wheat, exporters have now offered Bahía Blanca $ 205 per ton on the local market, Necochea $ 200, and Gran Rosario $ 195, unchanged from Friday.

BCBA reported that the mills paid between 8,800 and 10,900 pesos per tonne of wheat, depending on the quality, provenance and payment method.

The proposals for new wheat remained unchanged at USD 165 for discards between November and January; $ 170 for February and $ 173 for March.

In Matba, wheat closed the wheel with ups and downs, as the July position added 1 USD and remained with an adjustment of 212 dollars per tonne, the January contract fell by 2 USD and closed the day at $ 170.

US wheat traded with slight increases today. Indeed, the September position in Chicago and Kansas was $ 0.74 and $ 0.82, while its adjustment was $ 185.47 and $ 162.22 per tonne, respectively.