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Soybeans
With the implementation of the second stage of the Export Increase Program (PIE), the oilseed market has become more dynamic, which had stagnated since the end of the first phase of the program at the end of September. However, the volume traded in the first 8 days of the program reached only 40% of what had been recorded in the same period of the initial phase of the PIE. In this regard, during the week ending December 9, there were open offers only for Gran Rosario, where prices went from ARS 85,000/ton to ARS 92,000/ton, an increase of 8.2%.
According to the Rosario Stock Exchange (BCR), 1,506,782 t of soybean meal and 218,019 t of oil are expected to leave from Gran Rosario between December 7 and January 4; 26,000 t of beans and 13,000 t of oil are expected to leave from Necochea; while 13,200 t of meal will be shipped from the other ports.
The Buenos Aires Grain Exchange (BCBA) reported the new crop planting is 37.1% complete, which is behind the 61.4% average progress of the 5 previous seasons. The entity corrected the proportion of soils with water conditions between optimal and adequate from 74 to 66%, stating that due to the lack of moisture in the North Central Santa Fe and East Central Entre Rios, some of the initially projected fields could be left out of this season.
Corn
At the end of the week of December 9, corn prices showed an increase of 2.1% for the Gran Rosario market in its dollar denomination, going from USD 235/ton to USD 240/ton. For Bahía Blanca and Necochea, quotations remained at USD 250/t and USD 245/t, respectively.
The BCBA reported the sowing of the new crop is 32.7% complete, which is lower compared to 39.5% at the same time in 2021 and to the average of 46.7% of the 5 previous seasons. According to the entity, advanced plantings in Santa Fe and Entre Ríos are going through a critical situation due to high temperatures and very tight water levels. However, the outlook is positive in the south of the national agricultural area thanks to the November rains, which allowed crops to be maintained and improved moisture reserves.
For more information about commodity trade and production visit our "Raw materials statistics" section.
December 12, 2022/ Economics and Market Intelligence Department of 333 Latin America with data from Granar, Grain Exchange, and the Ministry of Agriculture, Livestock and Fisheries/ Argentina.
https://www.granar.com.ar
https://www.bolsadecereales.com
https://www.argentina.gob.ar
