In the midst of a sharp cut in soybean production due to drought, the special dollar of 300 pesos for oilseeds is not gaining momentum and is expectations of reaching 5,000 million dollars have decreased, as planned from the start.
This Thursday, the agro-export companies were liquidated $173 million in total and the accumulated amount in the month so far is US $1,700 million, higher than the previous months of the year, but below what it was in the same month of 2022, when $3.1 billion was reached.
In this line, $72 million of the soybean dollar was cleared today and has a total of $1,062 million, below what were the previous editions of the official program. At the same time, $3.5 billion had flown into soybean dollar 1 and $1.422 billion into soybean dollar 2, marking a decline of 69% and 25%, respectively.
This was explained by the Chamber of the Petroleum Industry of the Argentine Republic (Ciara). the commercialization of soy is delayed due to weather problems (because planting was delayed due to lack of water). And due to union problems in ports promoted by the Federation of Maritime, Port and Shipbuilding Industry of the Argentine Republic (FeMPINRA) and the Union of Grain Receivers and Annexes of the Argentine Republic (Urgara) which have paralyzed activity this week.
“The companies will work until May 31 as established by the aforementioned decree. The crop is expected to start being marketed soonThis was stated in a press release by the chamber which brings together exporting companies.
From the industry they recognize it it will be difficult to reach the US$ 5,000 million target established at the beginning of the official programme.
Through Wednesday, tons traded by oilseed producers accumulated 831,642 tons, 82% and 59% lower than recorded during the accumulated figures for September and December, respectively.
Today, as of press time, nearly 60,000 tons of beans had been registered in Sio Granos.
Mostly, from the manufacturer’s side they warn about it the industry offers values below your expectations. They’re in the $100,000 to $105,000 range, just 10% to 15% higher than what was offered before the soy dollar began.
Meanwhile, as the soybean harvest proceeds in the fields, the productive disaster caused by the drought is confirmed. The Cereals Grain Exchange has again reduced its estimate to 22.5 million tons, 2.5 million tons lower than its previous forecast and 22.5 million tons lower than the average of the last five campaigns.
If this volume is confirmed, it will be the worst harvest in the last 23 years. We have to go back to the 1999/2000 campaign to have a lower threshing. Current production will also be lower than in 2008/09, a cycle remembered for the strong impact of drought.
According to the institution’s report, in the last seven days the progress of the harvest has reached 16.7% of the suitable area, reporting a national average yield of 1,570 kilos, which to date has reached 24.4% of the 16 million hectares planted.
In this contextyield losses are reported on the crop compared to what was expectedthe boxes on both cores being the hardest hit.
Last week, the Rosario Stock Exchange also already cut its estimate to 23 million tons of soybeans.
In particular, according to the body, the oilseed yield in the central region, the most productive in the country, has now dropped to 1,400 kilos when it was calculated at 1,480 kilos in mid-March and is normally between 4,000 and 4,500 kilos.
In this way, with 400,000 tons less, the core region will produce 4.1 million tons against the 19.8 million tons that were expected to obtain at the time of planting the crop.
Precisely, the auction of the first lot of soybeans was held today at the Rosario Stock Exchange, an event that symbolically marks the beginning of the marketing of the campaign’s oilseed.
“We are heading towards a closure of the campaign with both production and yield valuesstill low, that you have to search in the last century to find similar numbers”, said the president of the institution, Miguel Simioni, “Our soybean center lost its position as a world leader at the hands of New Orleans. And this year, perhaps our country lose its status as the main exporter of soybean meal in Brazil”he added on the effects of the drought.
Source: Clarin
