The price of soybeans rose again yesterday in the domestic market, due to the need of factories; of the new devaluation of the peso against the dollar, and of the slight improvements registered in the Chicago Stock Exchange.
After offering 4,300 pesos openly, buyers had to raise the proposal to 4350 pesos, a level required by many sellers to “sit down” to negotiate. This amount implied an improvement of $ 50 compared to Wednesday and consolidated a weekly rebound of almost 5% compared to the 4150 pesos in force last Friday.
A source from the commercial sector said about 90,000 tonnes of soybeans were traded during the wheel. “That volume would have tripled if the price touched the 4400 pesos since at that level there is an important volume of sales orders,” added the operator.
Unchanged at $ 260 per tonne, the value of the soybeans of the next harvest was maintained with delivery in May over the Greater Rosario area. In that case, the businesses were practically null because most of the vendors opt to ignore any proposal that falls below the 270 dollars.
In the Buenos Aires Term Market (Matba), the November and May positions of soybeans totaled the US $ 0.80 and 1, while its adjustments were 257.30 and 262.50 dollars per ton.
In the United States, the slates of the Chicago Stock Exchange yesterday showed increases of US $ 0.27 and of US $ 0.19 on the November and January contracts of soy, whose adjustments resulted of 356.69 and of 360.46 dollars per ton. The improvements could have been really significant not to mediate the fall in the value of soybean oil, which went from 764.33 to 751.77 dollars per tonne, as a result of the reduction of the quotation of palm oil to the lowest level in two weeks in the referential market of Malaysia.
Yesterday, the main bullish factor for soybean prices was the weekly report on US exports released by the United States Department of Agriculture. The agency reported foreign sales for 2,338,200 tonnes of soybeans, up from 1,612,400 tonnes in the previous report and the expected market range of 1.2 to 1.5 million tonnes.
In the local wheat market yesterday there were exporters urged to complete ships in the Greater Rosario area, which offered $ 2800 per ton available, $ 100 more than the day before yesterday. According to the Rosario Stock Exchange, between the 20th of the current and the 29 of the next month, 234,000 tons of cereals are expected to be despatched from the terminals that operate within its scope of action.
Available wheat remained stable in Southern ports, as demand paid $ 2700 per ton available for Necochea and $ 2700 per grain delivered in October over Bahia Blanca.
The Buenos Aires Cereal Exchange reported that the mills paid yesterday between 2480 and 3030 pesos per ton of wheat, according to quality, origin, and form of payment.
For new wheat, delivered in January, the demand paid the US $ 165 per ton for the Gran Rosario and for Bahia Blanca, US $ 5 more than the day before yesterday. In the Matba, the January position rose $ 1.50 and closed with a $ 164 adjustment.
Wheat is still excessively moist
In its weekly report on crops, the Buenos Aires Cereal Exchange relieved yesterday of excess moisture in 33% of the 5.35 million hectares planted with wheat. That proportion, however, is less than the 45% weighted in the previous report. The improvement responded to the good climatic conditions registered in agricultural areas of Buenos Aires and La Pampa.
According to the entity, 45% of the national area destined to the fine grain shows a water state between optimal and suitable, concentrated on the center of the country, where the condition of the crop is very good and where it is expected yields above the zonal average.