At the beginning of the “crawling peg” (daily microdevaluations) of the official dollar, the soy This Wednesday it rose about $5000 (2.63%) and was trading at $195 thousand per ton for available merchandise placed in the Up-River terminals.
«In it forward market, Immediate contracts also remained at $195,000 per ton. Regarding harvest futures (May 2023), they were traded lower, having adjusted to US$346.80 per ton,” explained the head of Research at the Zeni brokerage. Eugenio Irazuegui.
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On the other hand, sources from the agroindustrial sector indicated TN that the field settled about US$800 million from the beginning of this new edition of the Export Increase Program (PIE), which since Monday, October 23, allows 30% of currencies to be settled in Cash With Settlement (CCL).
Through a scheme, which allows improving the price that exporters pay to producers and will end this coming Friday the 17th, about US$500 million have entered so far in November.
Although the official exchange rate is expected to gradually increase from the beginning of the “crawling peg,” Irazuegui stressed that operators are waiting to see if another version of the PIE will be implemented from Tuesday, November 21, after the presidential runoff and the holiday. on Monday the 20th. However, agribusiness sources they told TN that the Government confirmed that It is not contemplated that this differential dollar will be renewed.
Closing of the local market this Wednesday. (Source: Zeni)
Soybeans and cereals had a negative wheel in Chicago
![Closing of the Chicago market this Wednesday. (Source: Zeni)](https://149987065.v2.pressablecdn.com/wp-content/uploads/2023/11/CNGDIHOVP5DJRJF5Y7I3FVJ57A.jpg)
Closing of the Chicago market this Wednesday. (Source: Zeni)
In Chicago’s governing market, the soy fell US$1.47 and traded at US$508.90 per ton in the contract with delivery in January. In the position as of December, the wheat had a loss of US$4.04 and was trading at US$205.95while the corn fell US$2.66 and was valued at US$185.33 per ton.
In this regard, Irazuegui pointed out that there were “disparate changes” in soybean operations, with the closest contracts conditioned by the latest information provided by the precipitation radar in central Brazil.
“Starting this Sunday, November 19, the frequency and intensity of the rainfall expected for Mato Grosso and Goiás would increase, areas that are experiencing humidity deficiencies and excessively warm temperatures,” the specialist explained.
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On the other hand, from the US oil industry, represented by the NOPA entity, They reported that 5.16 million tons were processed last month.
In this regard, Irazuegui commented: “The volume was slightly higher than the average discounted by previous surveys, which pointed to 5.10 million tons. This is how industrial activity showed a year-on-year improvement of 2.2%.”
![From the US oil industry, represented by the NOPA entity, they reported that 5.16 million tons were processed last month. (Source: Zeni)](https://149987065.v2.pressablecdn.com/wp-content/uploads/2023/11/KD2SCKUHRZATHFN4SG2GB7S3VE.jpg)
From the US oil industry, represented by the NOPA entity, they reported that 5.16 million tons were processed last month. (Source: Zeni)
Regarding this, he noted that the October numbers usually show a “noticeable growth”, due to purely seasonal factors, once the annual maintenance of the factories has been carried out and before the arrival of the merchandise corresponding to the new harvest.
On the other hand, soybean oil stocks at the end of October were around 499,000 tons.
On the other hand, the corn It tipped into negative territory a little less than an hour after the traditional opening began.
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“This Wednesday a tender launched by Iran, in which it intended to supply around 180,000 tons. He was looking for merchandise to unload in close deadlines, although he ended up leaving the request empty. Although no reasons were explained, it is to be expected that the values offered have been higher than those planned by the buyer,” the expert analyzed.
In contrast, the official compilation that follows the production of the US ethanol industry showed slight growth in the last week. “The average was 1,047,000 barrels, about 5,000 above the previous record,” Irazuegui explained.
In the same direction, the prices of the wheatwhich lost up to US$4 per ton.
“Given the dynamics of foreign trade, revisions are being introduced in the export projections for the current campaign. On this occasion, the European Commission increased its calculation of exports from France, taking as a reference those whose destination is outside the European Union,” he described.
The estimate was increased by 300,000 tons, to 10.10 millions, resembling the volume observed last year.
“If there were no changes in this figure, France would end up with a surplus of 3.10 million tons,” the analyst concluded.