Argentina: Mixed closings for soybean and corn prices
October 3, 2022 | Economics and Market Intelligence Department 333 Latin America with data from Granar, Grain Exchange, and the Ministry of Agriculture, Livestock and Fisheries | Argentina.
https://www.granar.com.ar
https://www.bolsadecereales.com
https://www.argentina.gob.ar
Soybeans
When the week ending September 30 came to a close, the Export Increase Program (PIE) was concluded, under which 13,725,198 tons of soybeans were marketed. Quotations remained stable for Gran Rosario at ARS 63,000/t, while for Bahía Blanca and Necochea the week closed at ARS 64,000/t and ARS 65,000/t, respectively, which represented decreases of 3% and 3.7%.
Last Wednesday, the Buenos Aires Grain Exchange (BCBA) presented its first projections of sowing intentions for the 2022/23 season, estimating a crop area of 16.7 million hectares (Mh) and a production volume of 48 million tons (Mt), which is higher than the 43.3 Mt from the previous season.
Corn
During the week ending September 30, corn prices showed a positive balance. In fact, for Gran Rosario, the price increased 5.7%, going from ARS 33,405/ton to ARS 35,309/ton. For Bahía Blanca and Necochea, the price ended at ARS 38,251/ton, with an increase of 2.1% due to devaluation.
The Buenos Aires Grain Exchange (BCBA) indicated an increase of 5.8% for the sowing of the new crop over the projected total of 7.5 Mh. In this regard, corn production volume is estimated at 50 Mt for this new season.