Post by bcellphonelist on Feb 23, 2024 23:26:17 GMT -5
There is good news and bad news coming from agriculture. First the good: This year, exports of grains and byproducts would add foreign exchange earnings of around 34.4 billion dollars. , which would represent an additional US$11 billion to those obtained in the fateful previous campaign, when drought was the common denominator. Secondly, the bad: International prices of soybeans and corn do not stop falling in the international market and agricultural funds continue to bet on a super bearish scenario. Meanwhile, local producers are looking especially closely at the official exchange rate and the gap with the parallels.
A complex combination. According to the projections of the Buenos Aires Grain Exchange, in a scenario where a production of 136.4 million tons is expected to beSwitzerland Mobile Number List reached - the second largest harve Saudi Arabia Mobile Number List st in history, although stagnant at close values 5 seasons ago -, the agricultural sector It would indicate signs of recovery in its contribution to the economy compared to the previous season despite the significant drop in prices. More specifically, it is projected that the sector's exports will grow by US$ 11,112 million compared to the previous campaign. However, export income would be lower than that of the 2021/22 campaign by a total of US$9,462 million.
The essential In this context, with regard to international prices, as detailed by the consulting firm Granar, Last Friday soybeans completed the sixth consecutive bearish week in Chicago , where the March and May contracts lost 0.33 and 0.55 %, after going from 445.79 to 444.32 and from 449.38 to 446.90 dollars per ton. Thus, the price level remains at the lowest level since November 2021. In the local market, during the last week, according to the Ministry of Agriculture, the FOB value of soybeans in Argentine ports went from 457 to 450 dollars per ton; that of oil, from 831 to 845 dollars, and that of flour, from 434 to 420 dollars per ton.
Among the bearish fundamentals that prolonged the negative trend, the forecast of a super soybean harvest in Argentina stood out again. Although also related to the climate, the Brazilian campaign remains a question mark because a production cut is estimated in the neighboring country and buyers there closely follow the development of the local campaign. The rains of recent days in Brazil could also delay the harvest.
A complex combination. According to the projections of the Buenos Aires Grain Exchange, in a scenario where a production of 136.4 million tons is expected to beSwitzerland Mobile Number List reached - the second largest harve Saudi Arabia Mobile Number List st in history, although stagnant at close values 5 seasons ago -, the agricultural sector It would indicate signs of recovery in its contribution to the economy compared to the previous season despite the significant drop in prices. More specifically, it is projected that the sector's exports will grow by US$ 11,112 million compared to the previous campaign. However, export income would be lower than that of the 2021/22 campaign by a total of US$9,462 million.
The essential In this context, with regard to international prices, as detailed by the consulting firm Granar, Last Friday soybeans completed the sixth consecutive bearish week in Chicago , where the March and May contracts lost 0.33 and 0.55 %, after going from 445.79 to 444.32 and from 449.38 to 446.90 dollars per ton. Thus, the price level remains at the lowest level since November 2021. In the local market, during the last week, according to the Ministry of Agriculture, the FOB value of soybeans in Argentine ports went from 457 to 450 dollars per ton; that of oil, from 831 to 845 dollars, and that of flour, from 434 to 420 dollars per ton.
Among the bearish fundamentals that prolonged the negative trend, the forecast of a super soybean harvest in Argentina stood out again. Although also related to the climate, the Brazilian campaign remains a question mark because a production cut is estimated in the neighboring country and buyers there closely follow the development of the local campaign. The rains of recent days in Brazil could also delay the harvest.