The marketing of military in the local market had its lowest record in volume in 19 years, reaching 14.1 million tons, due to lower production and the “external dynamic delay”as revealed by the Rosario Stock Exchange (BCR).
“The lower production of the campaign is the main reason, to which is added the slow dynamics abroad: export business is the lowest in the decade”explained the stock market entity in a report by analysts Alberto Lugones, Tomás Rodríguez Zurro and Emilce Terré.
Notwithstanding the low volumes, if sales are considered as a proportion of the production obtained in each campaign, “The record of the current cycle is more in line with what has happened historically”.
In this way, the BCR pointed out that the 14.1 million tons sold represent 34 percent of the 41.2 million estimated production for the current cycle, similar to 36% of the previous year and 37% of the average of the last five years.
This lower rate in the internal marketing of grains also has its correlate in foreign sales of beans, said the BCR, since foreign sales of the grain totaled 347 thousand tons to date, below the 663 thousand tons of 2017/ 18, which “until now was the lowest record previously held for this time of year.”
In this way, external sales of beans are the lowest for the time of year since, at least, 2011/12.
Regarding the rest of the complex, the affidavits of sales abroad (DJVE) of oil and flour/pellets together, accumulated a volume of 7.8 million tons, 25 percent less than what had been sold at this point from last year.
In addition, it is the second lowest tonnage of the last decade, only surpassing what happened in 2017/18 when 5.6 million tons of all the complex’s products had been sold abroad.
This is because the DJVE totaled, to date, 5.7 million tons, while last year that volume amounted to 7.5 million.
On the contrary, the DJVE of soybean oil add up to 1.7 million tons to date, a record since at least the 2011/12 campaign.
“It is evident that the persistence of the conflict between Russia and Ukraine (which has reduced the world supply of sunflower oil), combined with the limitations on the export of palm oil imposed by Indonesia, has led to a lower global supply of vegetable oils. , boosting foreign sales of Argentine soybean oil”explained the BCR.