Future soybean prices are strong in the Chicago Market of $ 12 and again exceed $ 520 after a few days of decline last week.
The value of soybeans rises 11.6 dollars per ton in the March position, up to US $ 520.6 (that is, 70% more than eleven months ago), thanks to technical purchases and tight stocks this season. In addition, the slow pace at which the harvest is progressing in Brazil (15% of the planted area, a minimum of 10 years for this date), which also served as support for the market at the start of the week.
“Although the USDA projected a record production of the oilseed in 2021/22 in the United States, the demand would also be very high, so that the final stocks would be only marginally increased and would remain near historical lows,” said the Stock Exchange. Commerce of Rosario.
While oil and oilseed meal were trading at values of US $ 1,069.2 and US $ 472.8 per ton for March, respectively, well above the US $ 680 and US $ 316 agreed in May of the year last.
In this sense, the Rosario entity recently estimated 2 million more tons of beans after the last rains that benefited the crop, which the harvest would reach 49 million tons, similar to what was threshed last season.
“The good to very good conditions of the first and second class soybeans allow us to estimate a national average yield of 2,900 kilos. This is almost 100 kilos more than the national average of the last 8 years, when until a month ago yields were projected for below the average ”, specified the Rosario entity.
Thus, the same institution projected that Exports of the oilseed complex will be a record 23.6 billion dollars, 8.750 million dollars compared to the previous campaign.
And going to the total harvest, including soybeans, corn and wheat mainly, foreign exchange of $ 37.6 billion would be generatedIt is 1.7 billion more than 30 days ago due to the boom in the extra tons of soybeans and corn that will enter due to the rains. And more than 10 billion dollars more than what the field generated last year, according to the Rosario Stock Exchange.
On the other hand, corn contracts recorded an increase of US $ 1 to US $ 217.9 per ton (83% more than ten months ago), given a solid demand for exports as a result of a relative weakness of the dollar, which makes more competitive to American grains.
The value of wheat, meanwhile, fell by US $ 1.7 per ton, to US $ 242.2 (for March), that is, 43% more than five months ago.
.
