The soy continued this Wednesday with its bullish trend in the stock market Chicago and reached his highest value in three months by positioning itself around the $640 a tonafter reaching a price of over US$645 in the first part of the trading day, the highest in almost a decade.
In this way, the July oilseed contract finally rose 0.67% (US$4.32) to US$639.34 per ton, while the August contract advanced 0.54% (US$3.31). ) to settle at US$ 610.96 per ton.
This new rise left an accumulated increase so far this week of 2.5% by adding US$ 15.5 per ton to the closest expiration contract compared to last Friday.
In the physical market Rosario Stock Exchange (BCR) there were no improvements in value, so the merchandise with immediate delivery and for the fixing of merchandise were negotiated at US$ 415 per ton, while in local currency the offers reached $ 50,320 per ton.
As for its by-products, oil accompanied the upward trend of beans, with an advance of 1.84% (US$ 33.07) to US$ 1,828.48 per ton, while flour fell 0.43% ( US$ 1.98) and stood at US$ 458.11 a ton during the day.
With the war between russia and ukraine Officiating as price support, the aforementioned factors, together with the expectation that on Friday the United States Department of Agriculture (USDA) will cut stocks in that country, led to the fact that in the first stages of operations in the market worldwide reference stock market, soybean reaches maximum prices since September 2012, reaching US$ 645.95 per ton.
In this sense, the head of the Market Analysis Department of the Grassi brokerage, Ariel Tejerabelieved that “soy finds difficulties to break the barrier of US $ 646, which appears to operate as resistance.”
Thus, he stated that “from the fundamental level, the main bullish factors could already have been put on the table. Meanwhile, the productive panorama in the United States is taking shape and this is what will be settled going forward. We are entering a period where the weather and the forecasts come to gain prominence, at the time of the well-known ‘climate market'”.
This improvement in the international prices of the crop occurs in a context where the Argentine harvest is nearing completionwith less than 800,000 hectares to be harvested, according to the Buenos Aires Cereal Exchange (BCBA).
To the date 41.7 million tons have been collected and thanks to better-than-expected yields, the total production estimate improved to 43.3 million tons, a volume 200,000 tons higher than that obtained in the 2020/21 campaign.
On the other hand, the projected exports of the soybean complex would close with a record value of US$23,863 million, which if materialized would mean an increase of US$387 million compared to what was dispatched in 2021, according to calculations by the Rosario Stock Exchange (BCR). ).
The largest stipulated jump will be in soybean oil shipments, which would reach US$ 8,069 million, US$ 968 million more than last year, followed by biodiesel shipments, which would add US$ 273 million more up to US$ 1,763 million, while soybean meal/pellets exports would go from US$12,105 in 2021 to US$12,297 million this year.
In contrast, for bean shipments, a sharp drop of US$ 1,047 million is expected, for which the income of US$ 1,734 million is estimated for this year, a figure well below the US$ 2,780 million of 2021.
