The price of soybeans flies in the Chicago market and surpasses the barrier of $ 500, reaching the maximum value since July 3, 2014. The values of corn and wheat also registered increases.
The price of soybeans for the January 2021 Position grows more than 17 dollars (3.5%) and it reaches 501.6 dollars per ton and the March 2021 Position reaches 501.4 dollars.
According to the Grassi brokerage, the market continues to incorporate into prices the uncertainty about the productive contribution of South America. In Brazil, the beginning of threshing would occur slowly and in isolated regions, while in Argentina, rains would be very scarce in certain regions, at key moments to define yields.
In this sense, the market analyst Iván Barbero agreed that two fundamental questions must be added to it. In the first place, the cuts in soybean production in South America due to the effect of the drought, mainly in Argentina and southern Brazil.
It should be remembered that the Buenos Aires Cereal Exchange estimates a production of 46 million tons, 3.6 million tons less than the previous cycle.
While Aprosoja (chamber that groups Brazilian producers) estimated 127.57 million tons of soybeans, 7 million less than originally expected.
And another fact that the market does not pay attention, according to Barbero, is that eThe dollar is globally at the lowest since March 2018. “A weak dollar favors the purchase of commodities,” he said.
“The report from the USDA (United States Department of Agriculture) will be key, which will be released on the 12th of this month because it will put on the table the final supply of the United States and the growth of the demand of the export that comes flying, ”he added.
According to the work of the Rosario Stock Exchange last week, the exports of the soy complex (beans, oil and flour) had been revalued by $ 3.6 billion, going from $ 17.7 billion to $ 21.3 billion.
Meanwhile, the corn contract for the month of March rises almost 4 dollars and reaches 193 dollars per ton while wheat is also on the rise with 5 dollars, which stands at 241 dollars.
This occurs in a new conflict between the field and the government after the closure of corn exports until March, in which the Mesa de Enlace will announce today a measure of force that includes a halt in the commercialization of grains and livestock. When it will be defined yet.
In the local market, in the futures market it is also on the rise. In the May 2021 Position in Matba-Rofex it rose almost 10 dollars reaching 342 dollars per ton while in the available market it exceeded 29,000 pesos per ton.
But beyond these good prices, the producer has less left in his pocket for each ton sold since must deduct 33% of withholdings that the oilseed is taxed, what is known as the “soy dollar” is at 60 pesos.