Global Courant 2023-04-21 04:55:21
In the midst of a sharp cut in soybean production due to the drought, the special dollar of 300 pesos for the oilseed does not gain momentum and expectations of reaching US$ 5,000 million fall, as had been forecast from the beginning.
This Thursday, the agro-export companies settled a total of 173 million dollars and the accumulated amount for the month so far is US$ 1,700 million, above what was the previous months of the year, but below what was the same month of 2022, when US$3.1 billion had been reached.
In this line, today US$72 million of the soybean dollar was liquidated and it has a total of US$1,062 million, below what were the previous editions of the official program. At this same point, US$ 3.5 billion had entered the soybean dollar 1, and US$ 1.422 billion in the soybean dollar 2, marking a fall of 69% and 25%, respectively.
From the Chamber of the Oil Industry of the Argentine Republic (Ciara) they explained that the commercialization of soybeans is delayed due to climatic issues (since planting was delayed due to lack of water). And due to union problems in the ports promoted by the Maritime, Port and Naval Industry Federation of the Argentine Republic (FeMPINRA) and the Union of Grain Receivers and Annexes of the Argentine Republic (Urgara) that paralyzed the activity this week.
“The companies will be working until May 31 as established in the aforementioned decree. It is expected that the harvest will begin to be marketed soon,” the chamber that groups the exporting companies said in a statement.
From the sector they recognize that it will be difficult to reach the goal of US$ 5,000 million that were established at the beginning of the official program.
Until Wednesday, the tons traded by oilseed producers accumulated 831,642 tons, 82% and 59% below what was registered during the accumulated figures for September and December, respectively.
Today, until press time, almost 60,000 tons of beans had been registered in Sio Granos.
Mainly, from the producer side they warn that the industry is offering values below their expectations. They are around $100,000 to $105,000, only 10% to 15% more than what was offered before the soybean dollar began.
Meanwhile, while the soybean harvest progresses in the fields, the productive disaster caused by the drought is being confirmed. The Cereals Grain Exchange again cut its estimate to 22.5 million tons, 2.5 million tons less than its previous forecast and 22.5 million tons less than the average of the last five seasons.
If this volume is confirmed, it will be the worst harvest in the last 23 years. You have to go back to the 1999/2000 campaign to have a lower threshing. Even the current production will be poorer than in 2008/09, a cycle remembered for the strong impact of the drought.
According to the entity’s report, in the last seven days the harvest progress reached 16.7% of the suitable area, reporting a national average yield of 1,570 kilos, which to date reached 24.4% of the 16 million of hectares planted.
In this context, yield losses are reported on what was harvested with respect to what was expected, with the squares on both nuclei being the most affected.
Last week, the Rosario Stock Exchange had also already cut the estimate to 23 million tons of soybeans.
Specifically, according to the entity, the yield of the oilseed in the core region, the most productive in the country, has now fallen to 1,400 kilos when it had been calculated at 1,480 kilos in mid-March and is normally between 4,000 and 4,500 kilos.
In this way, with 400,000 less tons, the core region will produce 4.1 million tons against the 19.8 million tons that were expected to be obtained at the time of planting the crop.
Precisely, today in the Rosario Stock Exchange the auction of the first batch of soybeans was held, an event that symbolically marks the beginning of the marketing of the oilseed of the campaign.
“We are heading towards a close of the campaign with both production and yield values so low that we have to look in the last century to find similar numbers,” said the president of the entity, Miguel Simioni, “Our soybean center has been losing its position as world leader at the hands of New Orleans. And this year, possibly our country will lose its status as the leading exporter of soybean meal at the hands of Brazil”, he added about the effects of the drought.
