The Low of A3 futures markets This short week impact in the main ones commodities. In the case of corn, in Chicago It should be noted that A strong decline is being consolidated from August/September which obeys, in part, to the great harvest of American corn that is expected could exceed 400 million tons.
In our country the market has closed with casualties in all positions, a consequence of a bulky truck income during April, which would have launched the two million tons.
As there will be an offer vacuum during June until the harvest of late or second sowing maies from July, it is logical that the demand is retracted and takes advantage to adjust the prices down. In addition to the decline that is already pre -ancient Chicago with falls of $ 16 between future positions, June and September.
In the same period the prices of American corn Fob Gulfo lose 14 dollars and the great surprise is given by the Corn Fob Argentine ports, with a drop of $ 25 per ton between the May and August boarding position. If we have to take the theoretical fas resulting from a fob price Up-River of US $ 200, the available corn should have a value of $ 164 in August against the US $ 182 that is quoted and the 186 dollars in September in A3.
We must also consider the expiration on June 30 of the decline in the withholdings that an additional bassist impact can have for our market.
In the corn in Chicago this week there was an upward correction with profits of US $ 3 in July and US $ 2 in September. In the case of soybeans we see that the progress of the harvest during April has had an impact on the largest soybean offer to the UP-River ports.
In the core zone, both the north and the south of the region showed important advances, with yields that average the 40 quintals per hectare, above the initial expectations. For their part, second soybeans maintain a condition between normal and excellent in 80.6% of the cases relieved nationwide. The Buenos Aires Cereal Bag It maintains its projection of 48.6 million tons.
The fact to take into account is the large number of trucks that entered the ports during April, with 146,000 units and a volume of 4.7 million tons. This soy delivered may be destined to comply with previously already closed Forwards contracts and there may even be merchandise delivered to fix.
The market begins to feel the supply pressure of the harvest and has reacted accordingly, with a decrease of US $ 8.5 in the available position on Rosario, to US $ 260 per ton against US $ 271 of the previous days. Far from the US $ 310 that came to quote the soybeans available on the day of April 11.
For May the closure was US $ 268.7, also far from the $ 296 per ton that quoted this same position during April. Futures accumulate a decrease of $ 28 per ton in prices and the big doubt is whether this fall of securities already considers the return to previous retentions when it arrives on June 30.
The author is president of Pablo Adreani and Asoc
