The international price of a tonne of soybeans continues to fall: in one week it has lost nearly 33 dollars

Gone is the scenario of May 11 with an international soybean price above $ 600 per tonne. Today in the Chicago benchmark market, the July oilseed position was down $ 13.32 per tonne and traded at $ 540.96 per tonne. In one week, the value lost 32.33 USD.

At the local level, prices have also fallen. On the Rosario Exchange, soybean delivered in July fell $ 10 and traded at $ 310 per tonne, with August delivery at $ 312 per tonne and September at $ 314 per tonne. In addition, USD 316 per tonne has been proposed for oilseeds with delivery in October and USD 320 per tonne for November.

Today, the rains in the United States have lowered prices, as has speculation about the potential relief President Joe Biden could give to oil companies with regard to biofuel laws in that country. In this sense, according to specialists from the Rosario Stock Exchange, “reductions in cut-off percentages could limit demand for beans and the production of meal and soybean oil, which depresses prices”.

On the other hand, in the Chicago market, cereals also operated in decline. Maize, whose contract expires next July, fell $ 9.94 and was trading at $ 259.54 per tonne, and for the same wheat contract it fell $ 2.30 and was priced of 247.84 USD per ton. Meanwhile, on the Rosario Stock Exchange, wheat with delivery between July and August of this year was trading at $ 205 per tonne, and corn with unloading the best offer was at $ 190 per tonne and the contract position at 195. USD per ton.

Wheat closed slightly lower, after rains expected to continue on the American plains, although drought continues to affect the region and due to export prospects to Russia and the European Union. On the corn side, the North American Corn Belt expects significant improvements in yield and with weekly yellow grain exports they are on the rise to the United States.

The national campaign march

According to the report of the Strategic Guide for Agriculture of the Rosario Stock Exchange, Only isolated lots of soybeans remain to be harvested in the south of the Pampean region. In a campaign marked by the absence of rainfall in much of it, the national yield would end up nearly 3 quintals below the average of the last 5 years. (30.5 quintals per hectare) and a total harvest of 45 million tonnes is expected.

Compared to maize, the harvest is delayed, and is behind by 15% compared to the previous cycle. So far, 55% of the planted area has been harvested, reaching 7.36 million hectares. The national average yield is 78.6 quintals per hectare and the Rosario Stock Exchange estimates a total production of 50 million tonnes nationally.

Finally, wheat sowing for the 2021/2022 cycle in the core region has already reached 60% of the area, or 1 million hectares, and the sowing intention remains at 1,700,000 hectares. According to specialists from the Rosario Stock Exchange “there are some water shortage problems in some areas, but with a few millimeters they could be solved: the current moisture reserves do not yet show regular reserves. And on the other hand, humidity continues to enter the area and it will be necessary to see if they manage to turn into rain. In general, there is a good sowing scenario ”.

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