Driven by the improvement in the international market of Chicagowhere last week hit 4-year lows, the military had a weekly profit of $5000 (1.75%) and in the available segment of Rosario was quoted this Friday at $290,000 per ton, same value as the previous wheel.
“It was a day with a discreet level of trading activity and with purchase offers that remained at 290,000 per tonne for contractual delivery,” commented the head of Research at the Zeni brokerage, Eugenio Irazuegui, in dialogue with TN.
Read also: Soybean purchasing power falls to levels of 2006 in Chicago and 2019 in Argentina
In the futures market, futures with a longer expiration date traded with slight, mixed variations. “However, there were increases in the contracts for November 2024, which added up to about 90 cents.”
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He Dollar Cash With Settlement (CCL), which is used to bring in 20% of the foreign currency from exports, was sustained in the $1286 but registered a decrease of 0.46% compared to $1,291.92 last Friday, the 16th.
In Chicagothe military had a daily increase of US$4.13 and closed at US$349.80 in the contract for delivery in September. Regarding the US$344.93 of last Friday, it accumulated a weekly rise of 1.41%.
“With the support provided by the demand for American exports, the The soybean market managed to partially recover and ended one step away from US$350 per ton“, Irazuegui summarized.
Closing of the Chicago international market on Friday. (Source: Zeni)
Minutes before the traditional opening, the sale of another round of cargoes totalling 120,000 tonnes. “On this occasion, the destination of the merchandise has not been specified. Clearly, the current price levels have sparked the interest of international demand, which has secured merchandise to be shipped during the 2024/25 commercial cycle,” Irazuegui stated.
In this way, adding up the 5 days of the week, operations for 1,384,492 tons have been carried out.
“On the other hand, after processing the samples of the 4th day of Pro-Farmer, Minnesota has been the only state with a pod count below the average for the last three years. With about 210 observations, 1,036.59 pods are calculated, compared to 1,037.70 derived from the aforementioned average,” said the Zeni analyst.
Argentine market closes on Friday. (Source: Zeni)
Cereals had a negative day in Chicago
In the position to September, the wheat fell US$2.30 and was valued at US$184,55, while the corn It dropped US$1.48 and was traded at US$144.78 per ton.
“The day left a negative balance for corn prices at the end of the week, with greater emphasis on the closest positions. Regarding the final stretch of the Pro-Farmer routevisits were made to different plots located in Iowa, which are resulting in excellent agronomic performance,” said the expert.
Read also: The factors that position sunflower as a great alternative for this campaign
In this regard, he stressed that the projected yield amounts to a record of 121 quintals per hectare, marking a notable difference with the average of the 2021/22, 2022/23 and 2023/24 campaigns, which was 116.6 quintals.
“The figures are in line with the outcome of the climatic variables that provided a more than favorable environment for the development of crops. However, the market has not yet considered the final figures, once the results of each of the states visited have been integrated,” said the specialist.
Secondly, and to ease the pressure on the operation, South Korea has closed an import of some 66,000 tons of feed grain. Depending on the assigned origin, shipments should depart between October and the first days of November.
Lastly, wheat extended its losses for the third consecutive day and settled at US$184.55 per tonne.
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“The growing participation of the Black Sea region in global trade is reflected in the prices. In the course of July and the first three weeks of this year, Ukraine has shipped some 3.10 million tons,” Irazuegui explained.
Meanwhile, the specialist recalled that the harvest is practically finished in the national territory. “If we move to the northwest, specifically in France, The harvesting was concluded after a weekly advance of 2%. Although more precision is still needed for the national harvest estimate, production is expected to be in the range of 25 to 26.5 million tons.
Finally, he said: “If we cross over to USA, An active pace of harvesting is noted and, with respect to the spring cyclesa is relieved Progress close to 50% at the country level”.
