On a day marked by Advertising Official of Reduction in retentionsThe grain market saw price improvements – particularly in futures contracts – but with a limited supply of goods. According to analysts, the first effect was moderate increasesmore interest in vacancies and producers waiting for the publication of the decree to “read the fine print”.
He Wheat reacted most strongly in the A3, with improvements in between $3.3 and $4 per ton depending on position. As available, the cereal included without any changes $246,000while in the future the January position ended in $182.3, an advance of $3.3. December traded at $179, up $4.
Soybeans with adjustments in between $1 and $2 in Futures: The January contract has been closed $344.3with an increase of $2.30while in the available version it remained in pesos $500,000. The increase was in corn 3 US dollars in the future, too $195. The available number ended with $275,000which meant an increase of $3000 in front of the previous wheel.
The Minister of Economics, Luis Caputoannounced this morning permanent reduction in export tariffs for the most important production complexes. Soybeans went out 26% to 24%; the byproducts of the soybean complex 24.5% to 22.5%; wheat and barley 9.5% to 7.5%; corn and sorghum 9.5% to 8.5% and the sunflower 5.5% to 4.5%.
“The measure announced by the economic chief was also reflected in the grain business and provided for a reduction of export tariffs on grain and by-products of the oilseed complex by 1 to 2 percentage points.”he emphasized Eugenio Irazuegui, from Zeni. For the specialist, the news was most clearly reflected in futures trading: “The local trading market was impacted by the announced reduction in export tariffs, with increases in the value of wheat and soybeans in particular. Futures trading saw gains of up to $4.”
The reaction was quick for futures, but things were more stable for available ones. Lorena D’Angelo, analyst at AZ-Group, He explained that the most significant movement was seen in term positions and especially in wheat. “With the reduction in export tariffs, prices improved, but mainly in the futures market. Future positions showed improvement and the most popular was wheat,” he noted.
D’Angelo explained that there were no violent movements in the area because The manufacturers stopped selling. “Since the decree confirming the announcements is not yet available, producers are paying attention to the fine print,” he commented.
He also explained that the decline should, in theory, lead to an improvement in values $4 for corn, $2 for wheat and between $9 and $10 for soybeansthe available prices were already in operation Export paritywhich limits the immediate transfer of power.
D’Angelo also emphasized that beyond the initial movement, the market was already operating close to theoretical export values and that limits the immediate effect of the ad. In his opinion, today the difference is more felt in the futures, since the one available has already been adjusted: “All of these products have been negotiated at export parity, so the impact would not be as significant in the available product and would be in future positions.”
He emphasized that the market could have one second adaptation instance as soon as the measure is made official. “If the decline is confirmed and there is more clarity on conditions, only then will we see whether sales occur and whether this is reflected in prices,” he noted.
Analyst Germán Iturriza agreed that the real impact on this campaign will be limited. “The direct impact is expected to be $8 for soybeans, $4 for wheat and $2 for corn.” said. For the analyst, the reading must be done with the logic that “It seems to be more of a forward political gesture than anything else,” he noted.
Recognized more business volume in new positionswhich reflects greater expectations. “There was a very good volume of soybeans in May, about 60,000 tons,” he said.
Iturriza pointed out that local wheat saw increases $3 to $4in line with the reduction in export tariffs, but clarified that the market is this “Completely divided” between standard and premium wheat 10.5-11% proteinwhich will be paid today $20 to $30 more. Recommended for those who have quality “Make it count and get it into longer positions”.
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