Post by account_disabled on Feb 27, 2024 22:12:52 GMT -6
After adding the sixth consecutive bearish week on Friday, soybeans fell again this Monday in Chicago , in full progress of the Brazilian harvest, where uncertainty still persists about the final number with which the 2023/2024 campaign will end, after the prolonged deficit water crisis that affected crops in the central-north of the country and the late arrival of rains.
The March contract closed at US$438.81, thus showing a drop of US$5.51 compared to Friday's close. , while the May contract ended this Monday's session at US$ 442.76 with a drop of US$ 4.14 compared to the previous close. In this way, the international price of the oilseed reached the minimum in two years; Bad news for the next Argentine harvest, of which more than 50 million tons are expected, according to the survey of the Buenos Aires Grain Exchange.
Know moreThe fall in the price of soybeans Asia Mobile Number List worries Uruguayan agriculture.Soybeans pierce 450 dollars.In this context, the consulting firm Granar explains: "With less emphasis than in previous rounds due to the dry and hot weather that has been recorded, Argentina remained within the bearish fundamentals due to the good prospects for its harvest.
The local coarse campaign is going very well, to the point that production estimates have increased, although doubts arise due to the hot and dry climate. Dante Romano, Professor and researcher at the Agribusiness and Food Center of the Austral University, explains that last week was the first of this summer with drought and increasing heat, “but the one that is just beginning is missing. While forecasts indicate that rain will return next week, we cannot fail to mention some concern, especially for soybeans and late corn. The first class already has a very good productivity base.
Local questionsIn the local market, advance sales for the next harvest began to slow down, because producers are wary of the increase in the gap between the official dollar and parallel dollars, a key factor that can directly affect the liquidation of the harvest and logically in dollar income.
In this regard, the economist Salvador Di Stefano details: « "To the extent that prices remain low, the producer will delay the liquidation waiting for a price increase that improves profitability, or eventually an improvement in the exchange rate that liquidates the past costs.
Regarding the liquidation starting next April, the economist advances: «50% of the soybean harvest or a little less could be liquidated in the months of April, May and June, the rest will be liquidated over time. In corn, 25% would be settled in that quarter, the rest more for the other. On the other hand, there is an unclear climate forecast for the 2024/25 campaign, so savings on merchandise will weigh on producers' decisions.
The March contract closed at US$438.81, thus showing a drop of US$5.51 compared to Friday's close. , while the May contract ended this Monday's session at US$ 442.76 with a drop of US$ 4.14 compared to the previous close. In this way, the international price of the oilseed reached the minimum in two years; Bad news for the next Argentine harvest, of which more than 50 million tons are expected, according to the survey of the Buenos Aires Grain Exchange.
Know moreThe fall in the price of soybeans Asia Mobile Number List worries Uruguayan agriculture.Soybeans pierce 450 dollars.In this context, the consulting firm Granar explains: "With less emphasis than in previous rounds due to the dry and hot weather that has been recorded, Argentina remained within the bearish fundamentals due to the good prospects for its harvest.
The local coarse campaign is going very well, to the point that production estimates have increased, although doubts arise due to the hot and dry climate. Dante Romano, Professor and researcher at the Agribusiness and Food Center of the Austral University, explains that last week was the first of this summer with drought and increasing heat, “but the one that is just beginning is missing. While forecasts indicate that rain will return next week, we cannot fail to mention some concern, especially for soybeans and late corn. The first class already has a very good productivity base.
Local questionsIn the local market, advance sales for the next harvest began to slow down, because producers are wary of the increase in the gap between the official dollar and parallel dollars, a key factor that can directly affect the liquidation of the harvest and logically in dollar income.
In this regard, the economist Salvador Di Stefano details: « "To the extent that prices remain low, the producer will delay the liquidation waiting for a price increase that improves profitability, or eventually an improvement in the exchange rate that liquidates the past costs.
Regarding the liquidation starting next April, the economist advances: «50% of the soybean harvest or a little less could be liquidated in the months of April, May and June, the rest will be liquidated over time. In corn, 25% would be settled in that quarter, the rest more for the other. On the other hand, there is an unclear climate forecast for the 2024/25 campaign, so savings on merchandise will weigh on producers' decisions.