This year, the “box” is corn: the oil industry claims that more than 70% of soybeans remain unsold

This year, the “box” is corn: the oil industry claims that more than 70% of soybeans remain unsold
This year, the “box” is corn: the oil industry claims that more than 70% of soybeans remain unsold

In full exchange rate tension and with a gap between the official dollar and the rest of the currencies that increased as the days went by, all eyes are on the agro-export complex.

This is the sector that contributes the most dollars to the economy and in this context, from the soybean processing industry They warned that more than 70% of the harvest has not yet been marketed.

The data comes from the Industrial Monitor prepared by the Chamber of the Oil Industry of the Argentine Republic and the Cereal Exporters Center (CIARA-CEC).

When doing the math, they estimated that 34.9 million tons of beans remain unsold, equivalent to 73% of total production.

HOW MUCH SOYBEANS REMAIN UNSOLD?

This calculation discounts the soybeans andphysically delivered and sold at price, delivered to be fixed and pending to be fixed and physical grain in the possession of producers that has not yet been sold.

In this way, the physical balance of unsold beans amounts to 26.3 million tonsMeanwhile he pending bean to be fixed accumulates 8.5 million tons.

Foreign exchange settlements are not recovering: the first half of the year did not even manage to surpass 2023

One fact that exporters highlighted was the percentage of grain that remained unsold in previous years. At 73% they calculated for this yearthey indicated that in 2023 it reached 57%; in 2022 56%, in 2021 51% and in 2020 48%.

“The producer decided to have liquidity or make money by selling corn, while he decided not to sell the available soybeans or sell the minimum, and deliver the largest amount of soybeans at a fixed price, awaiting a future improvement in soybean prices,” the entity said.

In this sense, they also stressed that the producers They protect their grain as a reserve of valuebased on the different demand behaviors.

While in the case of the oil industry It is active throughout the year, exporters tend to focus their purchases on the first three months of the harvest.

WHAT FIGURES DO EXPORTERS HANDLE?

Until June 19, the Foreign Sales Affidavits (DJVE) indicate that exporters bought 4.4 million tons. Of this volume, 3.8 million tons correspond to price and 575,000 tons to a value to be fixed.

From CIARA-CEC They also showed other figures to confirm this trend. One of them was the weekly sales of soybeans, which in May totalled 1.5 million tonnes, but fell to 464,000 tonnes during the first two weeks of June.

The other data that according to exporters confirms this trend is the truck movement at Rosario’s port terminals. Between May and June, the number of vehicles entering the country increased from 150,425 to 66,617.

In cornthey pointed out that the behavior was the opposite and indicated that the veins were fluid: based on an exportable balance of 34 million tons28.2 million were purchased, leaving an unsold balance of 5.7 million.

The percentage of unsold crops in this harvest reaches 39%, the lowest in the last five years“This reflects the producer’s strategy of selling more available corn to obtain liquidity,” they concluded.

 
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