Post by bcellphonelist on Feb 23, 2024 23:26:20 GMT -5
Options in the grain market, continue to bet on a bearish scenario for both soybeans and corn, not only in the coming weeks but also in the long term. Thus, US$500 per ton of soybeans are getting further and further away and for now there are no signs of recovery in values. With a medium/long-term vision, the consulting firm Granar points out a key fact: “From China it was reported that the country will expand the planting of genetically modified soybeans - also corn -. Pan Wenbo, director of the Plantation Management Department of the Chinese Ministry of Agriculture, said that this measure seeks to raise yields and improve food security.
In the next step, we will improve technology, strengthen management, and expand the use of GM soybeans and corn in an orderly manner," he told Wenbo. In December, China granted Saudi Arabia Mobile Number List licenses to Switzerland Mobile Number List 26 companies to produce and sell genetically modified corn and soybean seeds, and last week approved additional varieties of these crops for import and production. Thus, the more soybeans and corn the Asian giant plants and as its yields grow, the more tons it will stop buying from producing countries such as Argentina and Brazil.
In April, foreign currency settlement fell to US$ 1,376 million, its lowest volume in the year Foreign currency settlement would amount to $34.4 billion this year. Harvest and prices Having ruled out the possibility of an increase in withholdings, after the Minister of Economy, Luis Caputo, announced on Friday that he would withdraw the tax chapter of the "Omnibus Law", producers continue to look closely - and with considerable suspicion - at the increase. in the gap between the official dollar and the parallels. Historically, the high gap discouraged the sale of grains by producers, who, to the extent that they had financial support, kept soybeans in silos waiting for a jump in the official dollar or an exchange incentive to liquidate.
That is why the market anticipates the need for a devaluation of the official price prior to the harvest, which if not carried out would complicate the entry of foreign currency in a critical period for the economy and key for the Government's plans. Meanwhile, the director of RIA Consultores, Javier Preciado Patiño, expresses it clearly: “The gap between the export dollar (80% official / 20% CCL) was once again at 30%, the same as at the time of the ballot when offered the 50/50 mix. For agriculture, the devaluation of December 12 was not 118% but 30% and a no less important fact is that the price of soybeans in the domestic market is stagnant at around 260/280 pesos per ton since the devaluation. from December. In this context, in recent days the sale of grains has slowed down and we must be very attentive because the corn harvest is about to begin and this scenario can complicate the income of foreign currency in the very short term.
In the next step, we will improve technology, strengthen management, and expand the use of GM soybeans and corn in an orderly manner," he told Wenbo. In December, China granted Saudi Arabia Mobile Number List licenses to Switzerland Mobile Number List 26 companies to produce and sell genetically modified corn and soybean seeds, and last week approved additional varieties of these crops for import and production. Thus, the more soybeans and corn the Asian giant plants and as its yields grow, the more tons it will stop buying from producing countries such as Argentina and Brazil.
In April, foreign currency settlement fell to US$ 1,376 million, its lowest volume in the year Foreign currency settlement would amount to $34.4 billion this year. Harvest and prices Having ruled out the possibility of an increase in withholdings, after the Minister of Economy, Luis Caputo, announced on Friday that he would withdraw the tax chapter of the "Omnibus Law", producers continue to look closely - and with considerable suspicion - at the increase. in the gap between the official dollar and the parallels. Historically, the high gap discouraged the sale of grains by producers, who, to the extent that they had financial support, kept soybeans in silos waiting for a jump in the official dollar or an exchange incentive to liquidate.
That is why the market anticipates the need for a devaluation of the official price prior to the harvest, which if not carried out would complicate the entry of foreign currency in a critical period for the economy and key for the Government's plans. Meanwhile, the director of RIA Consultores, Javier Preciado Patiño, expresses it clearly: “The gap between the export dollar (80% official / 20% CCL) was once again at 30%, the same as at the time of the ballot when offered the 50/50 mix. For agriculture, the devaluation of December 12 was not 118% but 30% and a no less important fact is that the price of soybeans in the domestic market is stagnant at around 260/280 pesos per ton since the devaluation. from December. In this context, in recent days the sale of grains has slowed down and we must be very attentive because the corn harvest is about to begin and this scenario can complicate the income of foreign currency in the very short term.