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 News

22/11/2017 0:00 - Agricultural Commodities Market
SOFÍA CORINA
Local corn under pressure on big global supplies

The record US corn yield hit the market very hard. Short position from speculative funds skyrocketed, causing CBOT corn prices to reach a minimum in more than a year. In the local market, export activity did not meet initial expectations. However, November export performance could make a difference

In the last week, local market exhibited prices around AR $ 2,350 / t, not generating great sales enthusiasm, while the 2017/18 corn prices deflated from $ 150 to 141 / t, mainly due to the big global corn supplies. Unless some inclement weather arises, the prices will be calm wrapped in comfortable stocks.

The optimistic part is that corn prices digested the oversupply situation and now the market turns its attention to South America, where any adverse climate factor could trigger a rally in prices. With a probability of 65-75% of “La Niña”, the high temperatures recorded are a wake-up call. If there are no short-term rains next week, the corn condition could begin to show symptoms of water deficit.

As for the export balance of 2016/2017 corn in Argentina, the initial expectations of 28 Mt are not being met and current forecasts are around 26 Mt. However, domestic purchases made from exporter firms total 23.8 Mt, covering 63% of total production (38 Mt), compared to 61% of last season. The shipping commitments for November are active, as can be seen in the figure of trucks delivered to the main terminal ports (Gran Rosario) in the following chart. These figures show higher levels both in October and in November compared to the previous two marketing crop years.

 

New crop that it is currently harvested in the north of Argentina is starting to flow through the market. With a harvest 13% completed, wheat prices were around $ 2650-2750 / t, while the deferred positions –December and January- found offers at $ 160-165 / t. The BCR trading floor woke up with approximately 100 thousand tons negotiated this week for delivering to the ports of Rosario.

 

 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