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Of the Sworn Statements of Sales Abroad (DJVE) for the soybean complex recorded since the beginning of the Export Increase Program V, those filed since September 5 for shipment in the next 360 days, 99.7% of them correspond to exports of soybeans, while only 0.3% are soybean oil and by-products.
Thus, although the Decree reestablishing the new edition of the Export Increase Program mentions the objective of creating greater dynamism in the Argentine crushing industry, in practice at the beginning the price ratio favored the export of unprocessed beans more than the industry, whose gross margins continued to sink into negative territory.
This negative margin causes a disincentive for the industry to generate added value from the acquisition of grain in the local market, which not only explains the low crush levels of the current season but also justifies the record volume of soybean imports so far this year. At the same time, it should be noted that the boost in raw bean exports to the detriment of the manufacturing sector could cause even more complications for the industry as the months go by when the domestic availability of the oilseed becomes critical.
Table of by-products: DJVE 360 days annotated from September 5 onward.
| Products | DJVE annotated | DJVE as % of total |
|---|---|---|
| Soybean oil | 1577 | 0.2% |
| Soy | 685 355 | 99.7% |
| Soybean by-products | 750 | 0.1% |
| Total | 687 682 | 100% |
Source: Rosario Stock Exchange
September 22, 2023/ Rosario Stock Exchange/ Argentina.
https://www.bcr.com.ar
