This week agro-exporters Cargill and ADM announced to their sellers -via WhatsApp- that they would no longer be governed by the Rosario Stock Exchange’s Grain Arbitration Chamber chalkboard prices for corn fixings, and that, in the corn market . cereal, it was like kicking a hornet’s nest. It’s that there hasn’t been any type of formal communication with the Chamber despite the fact that the rumor has been circulating in the corridors for some time.
It is known that there are more, or all, agro-exporters who follow the same path even if they haven’t messaged or emailed their customers (not after the commotion caused by Cargill and ADM news in the market). Today, in a tense atmosphere, the members of the Chamber -representatives of all rings of the granary sector- saw their faces again for a long time plenary meeting which took place in Rosario. Ultimately, the participants declined to make a statement and chose to make a statement.
According to the text, “regarding the public relevance of the eminently commercial decisions taken by some purchasing companies, the Plenary Assembly of the Chamber of Arbitration agreed on the importance of recalling that, as established by art. Blackboard Prices are indicative, “not being binding on the parties in any segment of the marketing, unless expressly agreed otherwise.
Likewise, they indicated that the sectors “have unanimously ratified that the Slate Prices defined daily have been such with professionalism and compliance with current regulations, also expressing that the particular circumstances imposed by the current severe climatic situation, the worst drought in the last 35 years, added to the market regulations and the continuous changes in the marketing of cereals, make it necessary for the Chamber to continue the permanent updating of methodologies be applied”.
The meeting was attended by representatives of producers’ associations, cooperatives, gatherers, cereal traders, exporters, oil industrialists and millers. All sectors, according to the Chamber, “have sanctioned the will for active institutional participation, to continue the work undertaken 123 years ago in the pursuit of transparency and the strengthening of institutionalized markets”.
As the press release says, companies are free to maintain their commercial position and everything indicates that, anticipating the lack of corn that will be in the autumn and the consequent rise in prices, they will continue not to be governed by the Blackboard Price. Now, it doesn’t suit him.
Source: Clarin
