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 News

17 jul 2017 | Agricultural Commodities Market
EMILCE TERRÉ – SOFÍA CORINA
The volatility arrived to the market of Rosario
After the USDA report, the ups and downs of the international soybean market reflected in the domestic markets with lows of 10 dollars per ton of the oilseed, both in MATBA May2018 futures position as well as in the Camara Arbitral prices. Nevertheless, in the previous days of bullish bids, the soybean reached highs of $ 4,200 per ton for immediate delivery or August delivery, and US$ 260 per ton for May 2018, main new crop delivery month. These positions attracted large trading volumes, energizing the commercial activity

17 jul 2017 | Agricultural Commodities Market
JULIO CALZADA - EMILCE TERRÉ
Argentina’s truck freight rates analysis
We analyze the cost of trucking for transporting agricultural products in bulk, with a special focus on the stocks that are carried from those areas that are most distant to the ports of Rosario. To put these numbers in context, we make a comparative analysis between the domestic values of truck freight rates in relation to ocean freight rates. In addition, Argentina’s domestic trucking rate is compared with the United States and Brazil.

17 jul 2017 | Agricultural Commodities Market
JULIO CALZADA - SOFÍA CORINA
Argentina in the grains and by-products global market ranking for 2016/2017
We analyze Argentina’s standing in the global market of grains, flours, oils and biodiesel in 2016/2017 commercial season. We should continue to be the world's leading exporter of soymeal and soyoil. Argentina produces 5% of the world's total grains and has a 15% share in worldwide grains and by-products trading.

17 jul 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
30 thousand hectares of wheat cannot be planted
In this week, 55 thousand hectares could be planted of the 110 thousand hectares that were left to be made. However, 30 thousand have been dropped from the plans for the latest rains. What remains in the last section is 25 thousand that depend on the climate of this weekend. Despite everything, the wheat is rated at 83% very good to excellent and the rest good. The disease alert is triggered at the start of the crop.

17 jul 2017 | Capital Market
NICOLAS FERRER
Central Bank of Argentina Balance Sheet breakdown
As of July 7, the balance sheet of the Central Bank of Argentina shows a USD 3,490 million rise in foreign reserves over the last month. Total monetary assets (Monetary Base + Central Bank Notes) reached their lowest month-over-month growth rate in over a year, a mere 0.93%.

10 jul 2017 | Agricultural Commodities Market
RAÚL MILANO
Choosing between household consumption and exporting beef
Argentina’s livestock and meat chain is going to experience the best moment in their history. This is the time where we must define a strategic guide within the whole chain. Should we promote meat exporting or domestic consumption? Inside this article, we propose to explain that the sector needs both exports and domestic consumption to guarantee sustained growth over time.

10 jul 2017 | Agricultural Commodities Market
EMILCE TERRÉ – SOFÍA CORINA
With better prices, activity in Rosario's cash market increased
The combination of the rebound in CBOT prices and the exchange rate boosted agricultural commodities prices at the local cash market. The exchange rate peaked at AR$ 17,002/USD, a record value for the US currency in Argentina.

10 jul 2017 | Agricultural Commodities Market
GEA – Agricultural Strategic Guide/BCR
How much rain should the core region expect?
The rains of recent years repeat large surpluses that begin to correlate with increasing levels of losses in the region's most vulnerable and most important crop: soybean.

10 jul 2017 | Agricultural Commodities Market
JULIO CALZADA - SOFÍA CORINA
Grains production and fuel consumption during 2016/17
Diesel oil consumption in Argentina during the current crop year (2016/17) could rise to 2,032 M liters, equaling to a total expenditure of 2,264 M USD. This would result in an 11% year-over-year increment in fuel oil consumption caused by larger soybean, corn and wheat crops.

03 jul 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Local soybeans without changes throughout the week
Higher seasonal supply limited price rises, even despite a rebound in prices for Chicago soybeans and soybean byproducts. Over the last 2 weeks, prices have averaged around ARS 3,700 per ton. Monthly soybean crushing for May reached its second largest value

03 jul 2017 | Capital Market
NICOLAS FERRER
Financial Choice Act: burden relief for the financial system
About a decade after the beginning of one of the most vicious crisis in the history of finance in the USA, the debate on how to regulate banks and financial services has been torn back open, with the repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the line.

03 jul 2017 | Agricultural Commodities Market
SOFÍA CORINA
Argentine wheat future selling set a new record
In the local wheat cash market, volume traded increased sharply when bids went up to $ 2,650/t while forwards contracts for wheat 2017/18 where priced at USD 170/ton, seducing the producers. Meanwhile, exporters have already purchased 1.4 million tons of 2017/18 wheat, the highest volume since 2001.

03 jul 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
The region aims to add a hundred thousand more hectares with corn
It would plant 10% more corn than last year. It was about 1.1 millions of hectares. After years of area decline and negative margins, corn is growing in the region. Commercial movements of inputs in the area indicate that the crop is at the highest level of available technology.

03 jul 2017 | Agricultural Commodities Market
NICOLAS FERRER- JULIO CALZADA
Milk supply-purchase contracts and the improved access to financing for dairy farmers
As a promoter of the development of markets, the Rosario Board of Trade has worked alongside dairy market participants for several years now in the creation of new services for the sector. The focus of its efforts have zeroed in on the design of a framework for milk supply-purchase agreements that would foster the institutionalization of dairy markets. Among its benefits, we can cite improved access to financing for dairy farmers, a development that is already taking place with new credit lines being offered by Banco de la Nación Argentina. These loans will accept income payments derived from milk purchase agreement, which could be registered at the Rosario Board of Trade, as collateral.

26 jun 2017 | Capital Market
NICOLAS FERRER
Why is Argentina still not “emergent”?
On June 20, MSCI (Morgan Stanley Capital Investment) announced that Argentina would not be included in its Emerging Markets Index, disappointing investors who had gotten their hopes up about the reclassification. In what areas does local equity markets need to progress to elevate themselves in the global hierarchy?

26 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Corn and soybean prices slide while wheat holds on
Past Thursday in CBOT, soybean futures hit new lows for over a year and a half and corn fell to two-month lows as expectations for more favorable weather in the American Midwest became widespread. Wheat prices, on the other hand, have remained stable thanks to a strong demand that is able to cope with increasing supply.

26 jun 2017 | Agricultural Commodities Market
SOFIA CORINA
The agribusiness: productive or real estate income?
Agricultural production returns are not related to the risk assumed after the high investment made. There are many factors at stake when sowing, however the business risk increases significantly in rented fields, while most of the income are from land ownership.

26 jun 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
The sowing takes strength, 75% of wheat was implanted
825 thousand hectares of wheat of a total of 1.1 million were planted in the core region. Corn still has a high humidity in its grains, so it must wait for its harvest.

26 jun 2017 | Agricultural Commodities Market
JULIO CALZADA - FEDERICO DI YENNO
Argentina’s ethanol production capacity barely reaches 2% of the US capacity
When comparing USA and Argentina ethanol industry, it is noticeable the overwhelming supremacy of the United States in this sector. Furthermore, US ethanol production doubles the Brazil production, which is the 2nd producer in the world. In the 7th place of the producers ranking, Argentina has 14 fuel ethanol plants, far behind from the 198 US plants. The US production capacity is 58.6 million m3 / year, while Argentina’s capacity reaches 965,350 m3 / year. There is concern nowadays about the US policy on biofuels, as it might influence drastically on international corn prices.

21 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
A breath of fresh air for grains
The past week has shown a decent volume of wheat and corn trading, with both buyers and sellers eager to strike a deal. Even if prices did fall slightly, traders remain hopeful for a larger wheat sowings at the same time that 2016/17 corn starts reaching the Rosario Hub ports.

21 jun 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
With complications but with desire, wheat goes for 5.6 millions of hectares
The intention of planting would be of 410 thousand hectares more than last year. The wheat area would expand by 8%, covering 5.6 million hectares. It promises to be the most important of the last 10 years. An upward adjustment was made in the 2016/17 soybean estimate, from 57 to 57.3 million tons. The harvest already covers 92% of the total harvestable area, with a lost area that is confirmed at 1.06 M ha. With a 52% advance in the maize harvest, the production estimate is maintained at 38 million tons. The national average yield is maintained at 7.92 tn/ha.

21 jun 2017 | Capital Market
NICOLAS FERRER
Argentine stocks struggle to reach new highs
An uninterrupted rally in domestic stocks has reached its end after 3 months without considerable pullbacks, and the Buenos Aires Stock Exchange Merval Index has retreated to April levels. After rising more than 36% over the first semester (more than 75% of the total increase for 2016), a correction was at hand. The local Ministry of Finance also announced the issuance of a new peso-denominated variable rate bond.

21 jun 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Big drop for local soybeans
Soybeans suffered a sharp drop in pesos (and dollars) in our exchange. From Friday, June 9 to Thursday, June 15, prices dropped US$ 14.2, while the July soybean futures in Chicago only lost US$ 1.2 in the same period. The last week we point out more traded volume for crushing and shipping purposes.

21 jun 2017 | Agricultural Commodities Market
PATRICIA BERGERO - JULIO CALZADA
With soybean prices of 2008, we could have had USD 8.7 billion more
We analyze the evolution of the main oilseeds, protein meals and vegetable oils export prices, since oilseed complex market is crucial for the Argentine economy. We just need to have a look to trade balance or, at least, the export side of the balance. In this sense, the impact of the fall in prices during the last three years has been remarkable, and since the 2008 world financial crisis. If 2016 had witnessed 2008’s high prices, the Argentina soybean complex could have represented a close income of U$S 27.2 billion in 2016; that is, USD 8.7 billion more than the actual income from exports of 2016.

12 jun 2017 | Capital Market
NICOLAS FERRER
Central Bank of Argentina: Balance sheet as of May 31
As of May 31, international reserves held by the Central Bank of Argentina had fallen u$s 2,070 M (-4.3%) over the last month. Whereas the monetary base (M0) has retreated slightly, the stock of securities issued by the monetary authority remains on the rise, nearing $ 1.000 billion.

12 jun 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
The lowest accumulated soy export sales in nearly six years
The soybean exports commitments for the present marketing year accumulates 4 million tons, being the lowest figure in 6 years. The strong fall in the soybeans prices at the beginning of the year and the slight devaluation of the argentine peso value were not incentives enough to boost the farmer’s sales pace. That is one of the main reasons behind the very negative margin for the export sector.

12 jun 2017 | Agricultural Commodities Market
RAUL MILANO, ROSGAN EXECUTIVE DIRECTOR
To breed a heavyweight steer is all about a public policy
Argentina needs to achieve an ample supply of steers of more than 450 kg to start up meat exports. The recomposition of the livestock in our country has been performing well. Achieving heavyweight steers requires an optimal financing system as a starting signal.

12 jun 2017 | Agricultural Commodities Market
JULIO CALZADA
Global seed and agricultural chemical markets
During the last decades, the widespread use of the genetically modified seeds has generated heated discussions among those for and against. Arguments are exposed that normally sustain the ones that are in favor due to the favorable impact in the agriculture.

12 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Wheat export commitments reach a new record, while corn prices pick up
Corn and wheat prices increased last week, supported by the need of exporters and rises in Chicago’s market, where corn registered its higher value in a year. Export commitments for wheat reached a record high, as we expect the arrival of a record amount of corn in the next few weeks to Rosario’s Up River terminal ports.

12 jun 2017 | Crop Progress and Condition Reports
GEA - Strategic Guide for the Agribussines
Sowing of wheat advance 35% in the core region
After almost 20 days without rain, it was possible to continue planting wheat . More than 300000 hectares are already planted with wheat of a total of almost 900000. The intentions of planting are very varied, depending on the area.

05 jun 2017 | Crop Progress and Condition Reports
GEA - Strategic Guide for the Agribussines
Wheat area could drop up to 15% in the core region due to excessive water
This week, wheat planting advanced to 40% of the total intended area , but excesive soil moisture make wheat potential falter. The decrease in total area seeded may vary between 10 and 20% in the core area compared to last year. The lots that will not go to wheat will pass to corn.


05 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
A potential turning point for cereals in the 2017/18 crop season
The next crop season is called to become a turning point for cereals, as it would be the first one in several years where stocks will stop growing. Global wheat production would fall more than 15 million tons while corn production could fall up to 31 million tons, while its demand is set to achieve a fresh record.

05 jun 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Local soy with slight changes, but China creates uncertainty
Argentina soybeans export prices are declining fast in the last weeks. This could be partially because there has been a big drop in the China crushing margin -which buys 87% of the Argentine soybeans in 2016- and the Brazilian shipments that have been canceled recently. Will the demand be appeased?

05 jun 2017 | Agricultural Commodities Market
JULIO CALZADA
6th in the world, Argentina produces more edible oil than Brazil
For the campaign 2016/2017, Argentina will be passing from the 7th to the 6th position as producer of veg oils and fats globally. Thus, it will overcome Brazil, country that has been in the 6th position during de last years. If we compare the production per country during the last two years, Argentina integrates the lot of three countries that who have most seen their productions of oils and fats growing in the word. As regards exports, Argentina will stay in the current campaign in third place globally. Many factors explain this phenomenon.

22 may 2017 | Agricultural Commodities Market
NICOLÁS FERRER
Recent trends in credit and deposit markets
The uptick in economic activity has resulted in a sustained increase in the volume of credit, despite the relatively high floor of interest rates set by the Central Bank of Argentina (BCRA). However, the growth in time deposits has stalled, and not even a decrease in passive rates paid by banks has been enough to stop their profitability to suffer.


22 may 2017 | Agricultural Commodities Market
BERGERO - CALZADA - SESÉ
Estimation of bulk agricultural products logistics in Argentina during 2016
We analyze the transport of bulk agricultural products in Argentina during 2016. We estimate the quantity of trucks, train wagons and barges that delivered grains, meals and oils to all the country terminal ports. We also estimated the ocean vessels that entered the Argentinian port system to load bulk agricultural products and transport them abroad. The  figures are shocking.  It is calculated that 2.6 million trucks, 260,000 wagons, 3,000 barges and 2,900 ocean vessels arrived to and sailed from the 6 bulk port hubs (Gran Rosario, Bahía Blanca, Quequén, Zárate, Ramallo and Villa Constitución/San Nicolás).


22 may 2017 | Crop Progress and Condition Reports
GEA - Strategic Guide for the Agribusiness
In the midst of a storm that can cause an unexpected drop of wheat area
The need to rotate crops, fight weeds and eliminate water excess confirms the intention to increase wheat area by 5-10%. However, there are areas still in bad conditions because of mud and water excesses. Water is not receding.


22 may 2017 | Agricultural Commodities Market
SOFÍA CORINA
Between the local uptrend and the international collapse
Unusual week for the market. Rosario Arbitration Board soybean price jumped more than 3% in one day to touch $ 3,880 / t, while in Chicago it sank $ 10 after political crisis in Brazil. The daily strengthening of 2.5% of the local exchange rate avoided local prices drop.


22 may 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Impact of Brazil’s "Temer effect" on the Argentine economy and agriculture
It is said that when America sneezes, the world catches a cold. However, the political crisis unleashed in Brazil this week reminds us that at a regional level our weak point has historically been the ups and downs of the Brazilian economy. What can be expected for the Argentine economy in general and for the agricultural sector in particular?


15 may 2017 | Agricultural Commodities Market
BERGERO – CALZADA – SESÉ
Which ports export agricultural products and soybeans from the United States?
In 2015, United States, one of Argentina’s main competitors in the soybean and corn global market, exported 142 million ton of agricultural products from 20 different port areas. 16 of those areas represented total soybean exports of 43.4 MT of soybeans. 60% of total soybean exports shipped from the Gulf of México, mainly through the New Orleans region. 24% of soybean exports were dispatched through the northwest Pacific Coast ports; 5% through Atlantic Coast ports, 1.8& through the Great Lakes port terminal and 9.2% by land. 7% of soybean exports are made in containers.


15 may 2017 | Agricultural Commodities Market
JULIO CALZADA - ALFREDO SESÉ
Large growth in bulk grain freight in Rosario Hub during 2016
Shipments of bulk grain, vegetable oils and protein meals have increased 41% between 2006 and 2016, and 96% from 2000 to 2016. Thus, grain freight logistic in Rosario Hub required of 1.96 million of trucks (one way only); 210,000 wagons; 3,000 barges and 2,420 ocean ships. These figures were higher than 2015’s by 300,000 trucks and 250 ships. Logistics is calling for improved infrastructure, particularly on railway and road access to terminal ports in Rosario Hub.


15 may 2017 | Crop Progress and Condition Reports
GEA - STRATEGIC GUIDE FOR THE AGRIBUSINESS
Despite the problems in the core region, there would be 57 million of tons of soybeans
Good yields in northern Argentina increased soybean production estimate to 57.0 million tons, while no major changes in the national estimate of corn were made this month, and production is still projected at 38.0 millions tons.


15 may 2017 | Agricultural Commodities Market

SOFÍA CORINA

Soybean touched the maximum price of the last 45 days
With only 18 million tons traded from a production estimated at 57 million soybeans 2016/17, the price of soy oilseed continues with positive trend. The Arbitration Board price reached $ 3,765 / ton, touching the maximum value of the last 45 days. Although this price has restored commercial flow, it is still far from expected trading for this time of year.


08 may 2017 | Capital Market
NICOLÁS FERRER
Interest rate futures: their place in the global derivatives market
In the next few weeks, ROFEX will launch its new futures contract on “Lebacs” or short-dated debt issuances from the Central Bank of Argentina. This product will broaden the currently limited menu of centrally cleared derivatives on domestic fixed income. Up next, we review some facts on the global market for this type of assets.


08 may 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
An anxious demand together with rising prices at CBOT boosted local values for grains
Snow and heavy rains at key producing areas of the States affected the development of hard wheat and delayed plantig of corn and soy, increasing volatility at foreign grain markets. Local prices reacted accordingly, and the need of crushers and exporters to convince sellers to let their stocks go exacerbated the upward trend. During April at Rosario’s cash market, soybean increased more than 10 dollars per tone, while wheat rised USD 6.5/ton and corn USD 0.5/ton.


08 may 2017 | Agricultural Commodities Market
EMILCE TERRÉ
80% of total 2016/17 Argentina’s grain production still has not been priced
If we take into account the six main grains Argentina produces (wheat, corn, sorghum, barley, soybean and sunflowerseed), over a total production of 128 million tons for the 2017/18 crop year, only 36% has already been traded (around 45.8 million tons) at the end of April. At the same time, 40% of that volumen was traded with delayed pricing contracts, meaning that 100 million tons still has not been priced.


02 may 2017 | Agricultural Commodities Market
EMILCE TERRE
Soybean traded with delayed pricing contracts set record in Argentina
As to mid-April, 85% of a production estimated at 56 million tons has not yet been priced. A stronger AR peso together with lower soybean prices and a still high inflation has lowered gross margin not only for producers but also for exporters and crushers, highlighting the infrastructure deficit to stock and transport grains. For producers, retaining grain is the preferred vehicle for saving for the future, as soybean can replace money in its three main functions: as a medium of exchange, a unit of account and a store of value.


02 may 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Soybean 2015/16 marketing year left $ 453,000 less in exports than 2014/15
Soybean and its main by-products exports for the 2015/16 marketing year left an export balance of US$ 18,645 million. The 2014/15 MY totaled 19,098 million US$ so this campaign left 453.000 US$ less. The small drop was offset with larger grain shipments.


02 may 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
Eager crushers at the Up-River support local soybean and corn prices
The antagonistic behavior of soybean at the Rosario cash market and CME is a sign of strength of the Up-River crushing industry demand; therefore, local prices rose 2.8% at the end of the week. Notwithstanding, the most traded grain in the local market was, by far, corn.


24 abr 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Delays in harvesting and farmer selling for Argentina’s 2016/17 soybean crop
While a rainy April is still delaying soybean harvest, the downward trend of prices slowed down farmer selling. 21% of the seeded area has been harvested, while the average for the last 5 years reaches 42%. At the same time, 85% of the projected production has yet not been priced.


24 abr 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
Cereals, between optimism and caution
Rainfalls negatively affected crop development in both hemispheres, exacerbating uncertainty in the market. USA corn seeding is delayed, while Argentina coarse grain harvest progress is well below the 5 year average, though ample global stocks limit further price recovery.


24 abr 2017 | Crop Progress and Condition Reports
GUÍA ESTRATÉGICA PARA EL AGRO @BCRgea
Strong delay in soybean harvest; the lost area climbs to 1 million hectare
Heavy rain in the west of the country increased loses due to excessive soil moisture. Nevertheless, yields turned out to be better than expected in some early harvested fields at Buenos Aires, and therefor production estimate is kept unchanged.


24 abr 2017 | Agricultural Commodities Market
ESTEBAN MOSCARIELLO @moscarielloe
Santa Fe: long tradition in wheat production
Rainfalls negatively affected crop development in both hemispheres, exacerbating uncertainty in the market. USA corn seeding is delayed, while Argentina coarse grain harvest progress is well below the 5 year average, though ample global stocks limit further price recovery.


 

 Institutional video


Institutional Video of the Bolsa de Comercio of Rosario (Rosario Board of Trade)

 Rosario Board of Trade

The Rosario Board of Trade is a centennial institution located in Rosario, in the most important agroindustrial zone of Argentina. Throughout its history it has created and boosted transparent, solid and reliable markets: the Grains Physical Market, the Futures Market, the Capital Market, and the Livestock Market.

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Bolsa de Comercio de Rosario Córdoba 1402 - S2000AWV
TE: (54 341) 5258300 / 4102600
TE: (54 341) 5258325 (Complejo de Laboratorios - servicioalcliente@bcr.com.ar)
Rosario - Santa Fe - Argentina

Oficina Buenos Aires Reconquista 458 piso 7° - C1003ABJ - Cdad. de Buenos Aires.
Tel: (54 - 011) 43280390/1484 43939391/9649- Fax: (54 - 011) 43939649
contacto@bcr.com.ar