As the opposite to international market, local soybean were strengthened by a combination of a strong demand and slow farmer selling. Last Wednesday 10th local prices were offered up to $ 3,800, that raised the weighted average of the Arbitration Board to $ 3,765 / t, marking the maximum value of the last 45 days. At the same time, the exchange rate returned to the area of ARS $ 15.4 / US $, which although it is far away from the sellers’ expectations, at least showed a certain recovery.
These two facts sustained the dynamism of the Rosario markets’ negotiations. According to Siogranos data, almost 190.000 tons were traded in the first four days of this week with delivery in the Rosario. However, in relation to the volume expected to harvest, only 13% has a firm price to date, the lowest value of the last 4 years.
Meanwhile, stable weather conditions during last week allowed harvest progress to 65% of the national area. However, a delay of 10 percentage points below 5-year-average is still observed. This delay could intensify in the coming days because of raining forecasts.
This week, the estimated production figures of the BCR were positively adjusted to 57 Mt. The very good productive results in the north of Argentina would compensate losses in the center region. From 54.5 Mt tons estimated in February, the national production estimated to 57 tons, coinciding with USDA figure.