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31/10/2017 0:00 - Agricultural Commodities Market
SOFÍA CORINA
Corn prices anesthetized by global supply

The main suppliers in the global market for corn are flooding the balance sheet with their harvest, and investment funds acted accordingly. Local prices are not exempt from bearish pressure in Argentina. Meanwhile, rainfalls during the sowing period caused the switch of some lots to soy, which is also presenting attractive future harvest prices.

Local prices are struggling to find any signals that point to a possible trend reversal. The main bearish fundamentals are:

The “corn tsunami” from Brazil, which is aggressive flooding the global market.

Bearish pressure from the US harvest in a market already overflowing with corn.

Funds deepening their short positions.

Regarding local fundamentals, corn area growth in Argentina reaches 400,000 hectares and sowing progress stands at 32%. However, the combination between the rise in soybean prices and rainfalls during sowing periods caused some farmers to switch lots to soybean. Furthermore, the probability of 60% that La Niña happened exposes corn yields to further uncertainty.

Rosario Arbitration Chamber Reference Corn prices stand at ARS 2,340 per ton (USD 134.6 per ton) which is 31 dollars below last year’s level.

 

During the past week, cash bids for corn were absent from the local cash market. Buyers offered prices in the ARS 2,300 to ARS 2,350 per ton range for corn for delivery during November, according to SIOGRANOS. In the case of new crop corn, bids started around USD 150 per ton.

 

 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
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Rosario - Santa Fe - Argentina

Oficina Buenos Aires Reconquista 458 piso 7° - C1003ABJ - Cdad. de Buenos Aires.
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contacto@bcr.com.ar