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 News

11 oct 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
35% delay in corn sowings
400 thousand hectares are yet to be planted in the core region of Argentina. Numerous flooded plots in south Santa Fe and northeast Buenos Aires will be destined for early soybeans or late corn. 100 thousand hectares would be affected by adverse climate conditions. What happens over the next week will be crucial in determining how much early maize plantings will be reduced in the core region

11 oct 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
U.S. and Brazil corn crops dampen local prices
As harvest progresses in the United States, traders have adjusted their corn yield estimates upwards. This, combined with strong export from Brazil, has put pressure on local corn prices, giving them little chance of recovering.

11 oct 2017 | Agricultural Commodities Market
JULIO CALZADA
Transport in the Paraná-Paraguay waterway grows 40% over the first half of the decade
In the six years between 2010 and 2015, transport in the Paraná-Paraguay waterway has grown 40% in the segment north from the Santa Fe port, reaching a total 21.5 million tons. At the same time, the total number of trips has grown about 30% over the same period. The transport of soybeans and its by-products from Paraguay and Bolivia has been crucial to this development.

03 oct 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Wheat prices soar on low stocks
Over the last week, wheat got the highest price gain, rising about USD 7.5 per ton. Export and milling demand remains strong, while estimated final stocks plummeted to record lows for the 2016/17 MY. Income from wheat exports has increased 500 million dollars when compared to the same date of the last marketing year

03 oct 2017 | Agricultural Commodities Market
SOFÍA CORINA
Sustainable trend has come back
After the EPA soybean boom, “sustainable soybeans” have become the new hit. While they may sound similar in principle, their uses are different. Whereas EPA soybean was used in biodiesel for the US market, sustainable soybeans cater to EU regulations.

03 oct 2017 | Capital Market
NICOLAS FERRER
Argentine stocks rally throughout Q3
After the primary legislative elections, the value of companies that trade on our domestic stock exchanges skyrocketed. The Merval Stock Index is up 51.5% YTD, with a 17% rise since the end of June, a significant rise even when adjusted for a stronger dollar.

19 sep 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
250,000 hectares of wheat lost to rainfall in Buenos Aires
Recent rainfalls resulted in prevented wheat plantings in 150,000 hectares in Buenos Aires and 35,000 hectares in La Pampa. To this, we must add total losses in another 100,000 hectares that had already been planted with the cereal. However, wheat plantings and condition could be boosted in southeast Cordoba given the added moisture.

19 sep 2017 | Capital Market
NICOLAS FERRER
Local stocks take a breather from their 4-week rally
After setting record highs after four weeks of consecutive rises —even in spite of a stronger peso—, the Merval Stock Index pared back its month-to-date gains after light profit taking in order to close the week.

19 sep 2017 | Agricultural Commodities Market
RAÚL MILANO
Livestock: A sector that must make choices
The livestock and meat industries are entering a transformative period as to their future, with their members possibly oblivious to this fact. Changes within an industry are usually the result of collective actions, and all of its participant must bear this in mind when contributing to its development.

19 sep 2017 | Agricultural Commodities Market
SOFÍA CORINA
Wheat: the sole survivor of a bearish USDA report
While a waterfall of corn and soybean floods the markets, wheat remains safe from increasing supply. USDA cut its estimates for the already abundant ending stocks for the 2017/18 season due to higher demand. Meanwhile, excess moisture in fields generate uncertainty about wheat production in Argentina.

19 sep 2017 | Agricultural Commodities Market
EMILCE TERRÉ
USD 180 million worth of wheat exports lost due to adverse climate
2017/18 wheat production forecasts were cut by 1 MT due to 150,000 hectares that will remain unplanted due to excess moisture and 135,000 hectares lost to intense rains in Buenos Aires and La Pampa. These losses could have amounted to an additional USD 180 million worth of exports.

19 sep 2017 | Agricultural Commodities Market
PATRICIA BERGERO - JULIO CALZADA
Strong growth of the storage capacity of grains
As of May 2016, commercial fixed grain storage capacity had increased 12% in less than 2 years. However, silo bag is still the tool that allows a flexible response to changes in production. The San Lorenzo and Rosario departments, in the Santa Fe province, have 23% (14 million tons) of the commercial fixed grain storage capacity of the country.

19 sep 2017 | Agricultural Commodities Market
JULIO CALZADA - ALFREDO SESÉ
Infraestruture: Renovation of ‘Belgrano Cargas’ railroad tracks
The national government is carrying out an extensive plan of improvements in the “Belgrano” rail freight transport system. This plan includes the renewal of tracks, locomotives and wagons. All these actions aim to reverse the decay of this crucial railway line that travels across provinces of the north and northwest of Argentina. This article details the renovations in progress and the financing sources for these works. The information comes from the Deputy Secretary of Freight Transport Planning and Logistics, which depends on the Ministry of Transport and ADIF S.E. (Argentine Trains Infrastructure).

13 sep 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Updated projections of Argentina's wheat balance sheet 2017/18
Argentina’s wheat production for the 2017/18 marketing year should end up in the 16 to 16.5 million-ton range, assuming yields develop to trend level. As a result, export shipments should fall around 1 and 1.5 million tons, and even then ending stocks will end up near historic lows.

13 sep 2017 | Agricultural Commodities Market
PATRICIA BERGERO - JULIO CALZADA
Grain vessels entering Rosario ports grew 90% over the last 20 years
Large investments in the oilseeds complex of the Greater Rosario Area since 1995, when dredging and beaconing activities began in the Paraná river, resulted in a 90% increase in the number of grain vessels entering the waterway up to the Santa Fe Port, including a 30% increase in tanker vessels. This is a result of a 486% increase in oilseed processing capacity over the last 20 years.

11 sep 2017 | Agricultural Commodities Market
SOFÍA CORINA
What about sorghum? The challenge against corn
Over the years, sorghum has progressively lost terrain to corn. Sorghum world demand has been replaced for others feed grains. According to IGC, global sorghum consumption is expected to reach its lowest level in the last four years in the 2017/18 marketing year

11 sep 2017 | Capital Market
NICOLAS FERRER
Central Bank of Argentina Balance Sheet breakdown for August
As of August 31, the balance sheet of the Central Bank of Argentina shows a USD 1,862 million rise in foreign reserves over the last month. Year-over-year growth in total monetary liabilities (Monetary Base + Central Bank Notes) kept decelerating throughout August, falling to 40.3%, its lowest level since February.

11 sep 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Corn exports gain momentum while soybean sales stagnate
Corn export sales reached 18 million tons as of September 7 while soybean sales barely totaled 6.7 Mt. USDA and IGC published put 2016/17 corn exports from Argentina at 27.5 Mt in August. In the short term, soybean crushing remains robust, while the future of this sector looks promising.

04 sep 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
Alert by sudden appearance of yellow rust in wheat
The disease appeared suddenly and colonized the south of the province of Santa Fe and the north of Buenos Aires. In much of this area, wheats are being developed under very humid conditions that favor fungal proliferation.

04 sep 2017 | Agricultural Commodities Market
EMILCE TERRÉ – SOFÍA CORINA
US 2017/18 soybean marketing year kicks off
The 2017/18 soybean-marketing year has officially begun in the United States, with production expected to beat initial estimates. In Argentina, soybean sales take a pause on the expectation of better prices and changes to export taxes.

04 sep 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
Argentina crop production 2017/18 heading to new record
In spite of a reduction in prospective plantings in Buenos Aires and La Pampa, total planted areas would increase about half a million hectares (or around 1.5%) nationwide in the 2017/18 campaign. Based on trend yield estimates for main crops and historical averages for marginal ones, total grains production is expected to come in around 127 million tons, 1% above last season and a new record.

28 jul 2017 | Capital Market
NICOLAS FERRER
Slight uptick in activity for local deferred payment checks market
According to data from Mercado Argentino de Valores (Argentine Securities Market) and Instituto Argentino de Mercado de Capitales (Argentine Institute of Capital Markets), trading in deferred payment checks (DPC) in Argentina receded towards the end of the year. Since the start of 2017, traded volumes have slowly but steadily recovered. The following chart summarizes average traded volumes by business day.

28 ago 2017 | Agricultural Commodities Market
SOFÍA CORINA
Wheat and late soybean profit margins get all the applause
The double crop wins bets on single-soybean crop in the Argentina core region. In spite of recent price falls, the winter cereal combined with a late oilseed in the same season allow to reduce fixed costs average in rented field, surpassing the net margin of early soybean in 160%.

28 ago 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
50 thousand hectares of wheat in critical situation in the north of Buenos Aires
5% of the wheat plots went into bad condition and 18% continue to be regular. The flooded soils with water alarm the campaign 2017/2018 in the north of Buenos Aires and the south of Santa Fe. The rains continue to strike the area, putting at risk the wheat planted and the sowing of corn. In the rest of the core region, however, a few millimeters are eagerly awaited to satisfy the lack of soil moisture. There is one week left to start planting maize and an increase of 3% is estimated: 30 thousand hectares more than those sown last year.

28 ago 2017 | Agricultural Commodities Market
JULIO CALZADA
Strong rise in the use of fertilizers in 2016
The fertlizers consumption in 2016 had an interannual increase of 45% and reached 3.6 million ton. The sector specialists indicate that 2017 continue the same bullish direction hand in hand withe such crops that more nutrients demand, could break the 2011 record.

21 ago 2017 | Agricultural Commodities Market
ALFREDO SESÉ
Roca and Belgrano railway lines counteracted the freight fall of other railways
In Argentina, the railway freight reached 10.63 million tons during the first seven months of 2017, which represented an increase of 0.2% against the same period of the previous year. There was a very uneven activity among the different railway operators. While two of the main lines, that is to say NCA and FerroExpreso Pampeano, showed a joint fall of 6%, the Ferrosur Roca line and the Belgrano -the latter belonging to Trenes Argentinos Cargas y Logística, which is a state company- registered growths of 11% and 26%, respectively. NCA and FEPSA lines also registered a fall in the tonnage per kilometer freight, while Ferrosur Roca increased 6% the volume per kilometer y/y

21 ago 2017 | Capital Market
J. I. CALIVARI - L. RODRIGUEZ DE SANCTIS
Do local companies finance through Negotiable Obligations?
When considering options for financing, issuing securities seems a rather sophisticated and complicated choice. To shed light on this issue, we analyze the issuance of negotiable obligations (debentures) for the first half of 2017, showing that a diverse array of enterprises did finance themselves with these instruments.

21 ago 2017 | Capital Market
NICOLAS FERRER
Chile finally hops on the market demutualization trend
In spite of being commonly cited as an example for capital markets development in Latin America, it was not until recently that the largest Chilean securities markets (the Santiago Stock Exchange and the Chilean Electronic Exchange) became demutualized

21 ago 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
Global market decline and a stronger peso hit domestic cereal prices
Improving corn condition and favorable weather forecasts for the US pressured corn prices in CME, while aggressive competition from the Black Sea region did the same for wheat prices. Likewise, the fall in domestic prices has dealt a blow to trading activity.

21 ago 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Soybeans export sales far behind past averages
Due to strong international competition, soybeans export sales from Argentina have been slow when compared to other marketing years, despite the fact that FOB prices do not differ significantly between the main exporters.

14 ago 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
Sowing corn with more doubts than certainties
The outlook is not encouraging for corn sowing: the yields that would have to be obtained to cover the costs in rented fields would be above 9 Tn/ha, surpassing in some cases the zonal means. After the frost, the wheat is now facing high temperatures. In some cases, the wheats advance stages

14 ago 2017 | Capital Market
MARIA JIMENA RIGGIO
How can I finance my small enterprise with negotiable obligations (debentures)?
If a company finds itself in need of financing for capital expenditure, working capital or debt restructuring, it can get funds through the capital markets by issuing “negotiable obligations” (more commonly known as debentures). There are different alternatives available according to the needs of each company.

14 ago 2017 | Capital Market
NICOLAS FERRER
Brazilian capital markets in a state of flux
Carrying on with our series about Brazil, we turn our focus on one of the most dynamic sectors in recent history: its securities markets. A key merger for Brazil’s financial markets took place last march: the birth of B3 from the fusion of BM&F Bovespa with CETIP.

14 ago 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
The raise in the expected yield in United States sank the soybean
In the span of one minute, CBOT soybean futures fell USD 11 per ton after USDA added 3.3 million tons to its US production estimates for the 2017/18 marketing year. CONAB also estimates Brazilian production to be about 7 million tons above USDA figures.

14 ago 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Argentine wheat balance sheet 2016/17 and forecast 2017/18
Under the revised estimated production of wheat in Argentina for crop season 2016/17 that our Board of Trade published last week, we update the balance sheet for the cereal. With an output of 17 million tons, domestic consumption will stand around 6.6 million tons (including the use for seeding) while exports may add up to 11.2 million tons. Therefore, ending stocks may fall to barely 800,000 tons, a minimum for the last 15 years, while the stock/consumption ratio will drop to 4% supporting prices

07 ago 2017 | Agricultural Commodities Market
PATRICIA BERGERO
Why is ethanol so important for Brazil?
It is difficult to separate the ethanol industry from the sugar industry as a whole given its participation in a larger agro industrial matrix that emerges from the sugar cane crop. It is estimated that the whole complex represents 2% of Brazil’s GDP, but ethanol also provides 15.7% of Brazil’s primary energy supply. This results in Brazil having 43.5% of its primary energy needs covered by renewable energies and triple the world average of the use of renewable energies (13.2%). Furthermore, 72% of the light vehicles work with flex engines or completely with ethanol.

07 ago 2017 | Agricultural Commodities Market
EMILCE TERRÉ - SOFIA CORINA
Corn exports gain momentum
Argentine corn exports give support to prices with scheduled shipments for the 2016/17 marketing year reaching 15.6 million tons and just over 4 million tons being unloaded at the Up River Rosario terminals ports between July and the end of August.

07 ago 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Argentinian wheat 2016/17: Supply and demand estimates
The strength of domestic demand for wheat, the forecast of a rise in the area sown and the good pace of shipments to date allow projecting a consumption of wheat 2016/17 of 17.6 Mt. Even under the most optimistic private production estimates, a further cut in final inventories becomes unavoidable.

07 ago 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
Wheat is improving and the region would produce 4.5 million tons
Without zones with excessive moisture and technicians attentive to weed control, the potential yield of wheat is still standing at around 4 Tn/ha in the region. The thermal environment and the drizzles reactivated the leaf development of the 1.1 million hectares planted. After the effects of the great frost two weeks ago, the crop is recovered in good condition.

07 ago 2017 | Capital Market
NICOLAS FERRER
Stagnant stock market falls behind strengthening dollar
As of August 3, 2017, the Merval stock index finds itself a mere 2.3% below its May levels. However, given the recent weakening of the peso, the same index is down over 11% during the same period when measured in US dollars. Not even fixed income assets payable in US dollars have been able to escape selling pressure.

31 jul 2017 | Capital Market
NICOLAS FERRER
¿Has capital market activity increased in Argentina over 2016/17?
Over one and a half years into the current “macro normalization” process, the argentine government can claim among its achievements to have reinserted the country back into the global credit markets. However, has this resulted in any perceptible increment in domestic securities market activity? Data for 2016 shows a 29.7% increase in total financing through securities offerings as well as a 56.9% rise in trading in secondary markets. This upward trend has only accelerated through the first half of 2017.


31 jul 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
23% of wheats are in regular condition due to frost
A week ago, the region had wheat with 80% of conditions very good to excellent. Now, only 46% remain so. Many plots have lost almost all of their biomass. Fortunately, the most affected wheats are areas that had achieved a great leaf development that acted as a shield, preventing frost to reach the growing point of plants. But the recovery of the wheats will be very slow and the weeds are a threat.


31 jul 2017 | Agricultural Commodities Market
EMILCE TERRE
Together with the US dollar, local agri-commodity prices increased boosting activit
US dollar reached a record value against the Argentine peso, which in turn propped up commodity prices and traded volumes at the local market. Up to now, producers’ willingness to sell was weak as they preferred to wait until next year when export taxes for the soybean complex are to be gradually reduced, but last week price movement convinced them to sell at least part of their stocks.


31 jul 2017 | Agricultural Commodities Market
PATRICIA BERGERO
Brazil after two decades of growth
With an average annual growth rate of 3.3% in total factor productivity for the last twenty years, the Brazilian agriculture managed to capture a larger share of several world food markets. Therefore, Brazil jumped from 15% to 49% of the global sugar market in those twenty years; from 15% to 36% in poultry meat; from 3% to 10% in swine meat; from 4% to 18% in beef and veal meat, or 0 ti 21% in corn.


31 jul 2017 | Agricultural Commodities Market
JULIO CALZADA
Farm Machinery and Equipment Parts in Argentina
Mario Bragachini and Fernando Ustarroz, agricultural engineers of INTA, provide us with a very thorough vision of this sector in "The added value of Farm Machinery and Equipment Parts in Argentina". This key sector comprises 600 industrial terminals and 260 parts makers, creating around 80,000 Jobs.


24 jul 2017 | Agricultural Commodities Market
PATRICIA BERGERO - JULIO CALZADA
Wheat milling Industry in Argentina
Wheat milling plays a crucial role in Argentine agribusiness. According to Federación Argentina de la Industria Molinera (FAIM), Argentina ranked #9 as a wheat flour exporter in 2015, contributing to 3.5% of global trade measured in tons and 3.1% when measured in dollars. It is a key sector for the national economy; given that for each peso worth of production, three new pesos are generated in the whole economy. For every job created in milling, 2.5 jobs are created throughout the economy.

24 jul 2017 | Capital Market
NICOLAS FERRER
Mortgage credit on the rise and stagnant time deposits
Over the past two months, the domestic credit and deposits’ market dynamic has remained mostly unaltered. Dollar loans as well as mortgages are still growing at a brisk pace, whereas time deposits have remained idle in real terms.

24 jul 2017 | Agricultural Commodities Market
GEA – Agricultural Strategic Guide/BCR
Cold wave damaged wheat
Death of tillers, loss of leaf area and interruption of growth was the balance left by the intense frost of dawn on Monday 17/07 and Tuesday 18/07. In the most affected areas of Córdoba, the evolution of its effects should be followed next week to evaluate the impact.

24 jul 2017 | Agricultural Commodities Market
SOFÍA CORINA
Climate adversities prop up cereal prices
In the context of an international climate crisis, domestic wheat prices have rebounded. Wheat futures prices for harvest months remain around USD 174-176/ton while forward contracts for short delivery in January have touched USD 180/ton.

24 jul 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Local soybeans soar on better export prices
Increased prices for soybeans and its by-products in CBOT, due to potential loss of yields in the US and strong US export sales, raised the local price for the oilseed that gave way to significant traded volume. The better prices, both for export and for industry, had an overwhelming impact in stock purchases.

17 jul 2017 | Agricultural Commodities Market
EMILCE TERRÉ – SOFÍA CORINA
The volatility arrived to the market of Rosario
After the USDA report, the ups and downs of the international soybean market reflected in the domestic markets with lows of 10 dollars per ton of the oilseed, both in MATBA May2018 futures position as well as in the Camara Arbitral prices. Nevertheless, in the previous days of bullish bids, the soybean reached highs of $ 4,200 per ton for immediate delivery or August delivery, and US$ 260 per ton for May 2018, main new crop delivery month. These positions attracted large trading volumes, energizing the commercial activity

17 jul 2017 | Agricultural Commodities Market
JULIO CALZADA - EMILCE TERRÉ
Argentina’s truck freight rates analysis
We analyze the cost of trucking for transporting agricultural products in bulk, with a special focus on the stocks that are carried from those areas that are most distant to the ports of Rosario. To put these numbers in context, we make a comparative analysis between the domestic values of truck freight rates in relation to ocean freight rates. In addition, Argentina’s domestic trucking rate is compared with the United States and Brazil.

17 jul 2017 | Agricultural Commodities Market
JULIO CALZADA - SOFÍA CORINA
Argentina in the grains and by-products global market ranking for 2016/2017
We analyze Argentina’s standing in the global market of grains, flours, oils and biodiesel in 2016/2017 commercial season. We should continue to be the world's leading exporter of soymeal and soyoil. Argentina produces 5% of the world's total grains and has a 15% share in worldwide grains and by-products trading.

17 jul 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
30 thousand hectares of wheat cannot be planted
In this week, 55 thousand hectares could be planted of the 110 thousand hectares that were left to be made. However, 30 thousand have been dropped from the plans for the latest rains. What remains in the last section is 25 thousand that depend on the climate of this weekend. Despite everything, the wheat is rated at 83% very good to excellent and the rest good. The disease alert is triggered at the start of the crop.

17 jul 2017 | Capital Market
NICOLAS FERRER
Central Bank of Argentina Balance Sheet breakdown
As of July 7, the balance sheet of the Central Bank of Argentina shows a USD 3,490 million rise in foreign reserves over the last month. Total monetary assets (Monetary Base + Central Bank Notes) reached their lowest month-over-month growth rate in over a year, a mere 0.93%.

10 jul 2017 | Agricultural Commodities Market
RAÚL MILANO
Choosing between household consumption and exporting beef
Argentina’s livestock and meat chain is going to experience the best moment in their history. This is the time where we must define a strategic guide within the whole chain. Should we promote meat exporting or domestic consumption? Inside this article, we propose to explain that the sector needs both exports and domestic consumption to guarantee sustained growth over time.

10 jul 2017 | Agricultural Commodities Market
EMILCE TERRÉ – SOFÍA CORINA
With better prices, activity in Rosario's cash market increased
The combination of the rebound in CBOT prices and the exchange rate boosted agricultural commodities prices at the local cash market. The exchange rate peaked at AR$ 17,002/USD, a record value for the US currency in Argentina.

10 jul 2017 | Agricultural Commodities Market
GEA – Agricultural Strategic Guide/BCR
How much rain should the core region expect?
The rains of recent years repeat large surpluses that begin to correlate with increasing levels of losses in the region's most vulnerable and most important crop: soybean.

10 jul 2017 | Agricultural Commodities Market
JULIO CALZADA - SOFÍA CORINA
Grains production and fuel consumption during 2016/17
Diesel oil consumption in Argentina during the current crop year (2016/17) could rise to 2,032 M liters, equaling to a total expenditure of 2,264 M USD. This would result in an 11% year-over-year increment in fuel oil consumption caused by larger soybean, corn and wheat crops.

03 jul 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Local soybeans without changes throughout the week
Higher seasonal supply limited price rises, even despite a rebound in prices for Chicago soybeans and soybean byproducts. Over the last 2 weeks, prices have averaged around ARS 3,700 per ton. Monthly soybean crushing for May reached its second largest value

03 jul 2017 | Capital Market
NICOLAS FERRER
Financial Choice Act: burden relief for the financial system
About a decade after the beginning of one of the most vicious crisis in the history of finance in the USA, the debate on how to regulate banks and financial services has been torn back open, with the repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the line.

03 jul 2017 | Agricultural Commodities Market
SOFÍA CORINA
Argentine wheat future selling set a new record
In the local wheat cash market, volume traded increased sharply when bids went up to $ 2,650/t while forwards contracts for wheat 2017/18 where priced at USD 170/ton, seducing the producers. Meanwhile, exporters have already purchased 1.4 million tons of 2017/18 wheat, the highest volume since 2001.

03 jul 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
The region aims to add a hundred thousand more hectares with corn
It would plant 10% more corn than last year. It was about 1.1 millions of hectares. After years of area decline and negative margins, corn is growing in the region. Commercial movements of inputs in the area indicate that the crop is at the highest level of available technology.

03 jul 2017 | Agricultural Commodities Market
NICOLAS FERRER- JULIO CALZADA
Milk supply-purchase contracts and the improved access to financing for dairy farmers
As a promoter of the development of markets, the Rosario Board of Trade has worked alongside dairy market participants for several years now in the creation of new services for the sector. The focus of its efforts have zeroed in on the design of a framework for milk supply-purchase agreements that would foster the institutionalization of dairy markets. Among its benefits, we can cite improved access to financing for dairy farmers, a development that is already taking place with new credit lines being offered by Banco de la Nación Argentina. These loans will accept income payments derived from milk purchase agreement, which could be registered at the Rosario Board of Trade, as collateral.

26 jun 2017 | Capital Market
NICOLAS FERRER
Why is Argentina still not “emergent”?
On June 20, MSCI (Morgan Stanley Capital Investment) announced that Argentina would not be included in its Emerging Markets Index, disappointing investors who had gotten their hopes up about the reclassification. In what areas does local equity markets need to progress to elevate themselves in the global hierarchy?

26 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Corn and soybean prices slide while wheat holds on
Past Thursday in CBOT, soybean futures hit new lows for over a year and a half and corn fell to two-month lows as expectations for more favorable weather in the American Midwest became widespread. Wheat prices, on the other hand, have remained stable thanks to a strong demand that is able to cope with increasing supply.

26 jun 2017 | Agricultural Commodities Market
SOFIA CORINA
The agribusiness: productive or real estate income?
Agricultural production returns are not related to the risk assumed after the high investment made. There are many factors at stake when sowing, however the business risk increases significantly in rented fields, while most of the income are from land ownership.

26 jun 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
The sowing takes strength, 75% of wheat was implanted
825 thousand hectares of wheat of a total of 1.1 million were planted in the core region. Corn still has a high humidity in its grains, so it must wait for its harvest.

26 jun 2017 | Agricultural Commodities Market
JULIO CALZADA - FEDERICO DI YENNO
Argentina’s ethanol production capacity barely reaches 2% of the US capacity
When comparing USA and Argentina ethanol industry, it is noticeable the overwhelming supremacy of the United States in this sector. Furthermore, US ethanol production doubles the Brazil production, which is the 2nd producer in the world. In the 7th place of the producers ranking, Argentina has 14 fuel ethanol plants, far behind from the 198 US plants. The US production capacity is 58.6 million m3 / year, while Argentina’s capacity reaches 965,350 m3 / year. There is concern nowadays about the US policy on biofuels, as it might influence drastically on international corn prices.

21 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
A breath of fresh air for grains
The past week has shown a decent volume of wheat and corn trading, with both buyers and sellers eager to strike a deal. Even if prices did fall slightly, traders remain hopeful for a larger wheat sowings at the same time that 2016/17 corn starts reaching the Rosario Hub ports.

21 jun 2017 | Crop Progress and Condition Reports
GEA – Agricultural Strategic Guide/BCR
With complications but with desire, wheat goes for 5.6 millions of hectares
The intention of planting would be of 410 thousand hectares more than last year. The wheat area would expand by 8%, covering 5.6 million hectares. It promises to be the most important of the last 10 years. An upward adjustment was made in the 2016/17 soybean estimate, from 57 to 57.3 million tons. The harvest already covers 92% of the total harvestable area, with a lost area that is confirmed at 1.06 M ha. With a 52% advance in the maize harvest, the production estimate is maintained at 38 million tons. The national average yield is maintained at 7.92 tn/ha.

21 jun 2017 | Capital Market
NICOLAS FERRER
Argentine stocks struggle to reach new highs
An uninterrupted rally in domestic stocks has reached its end after 3 months without considerable pullbacks, and the Buenos Aires Stock Exchange Merval Index has retreated to April levels. After rising more than 36% over the first semester (more than 75% of the total increase for 2016), a correction was at hand. The local Ministry of Finance also announced the issuance of a new peso-denominated variable rate bond.

21 jun 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Big drop for local soybeans
Soybeans suffered a sharp drop in pesos (and dollars) in our exchange. From Friday, June 9 to Thursday, June 15, prices dropped US$ 14.2, while the July soybean futures in Chicago only lost US$ 1.2 in the same period. The last week we point out more traded volume for crushing and shipping purposes.

21 jun 2017 | Agricultural Commodities Market
PATRICIA BERGERO - JULIO CALZADA
With soybean prices of 2008, we could have had USD 8.7 billion more
We analyze the evolution of the main oilseeds, protein meals and vegetable oils export prices, since oilseed complex market is crucial for the Argentine economy. We just need to have a look to trade balance or, at least, the export side of the balance. In this sense, the impact of the fall in prices during the last three years has been remarkable, and since the 2008 world financial crisis. If 2016 had witnessed 2008’s high prices, the Argentina soybean complex could have represented a close income of U$S 27.2 billion in 2016; that is, USD 8.7 billion more than the actual income from exports of 2016.

12 jun 2017 | Capital Market
NICOLAS FERRER
Central Bank of Argentina: Balance sheet as of May 31
As of May 31, international reserves held by the Central Bank of Argentina had fallen u$s 2,070 M (-4.3%) over the last month. Whereas the monetary base (M0) has retreated slightly, the stock of securities issued by the monetary authority remains on the rise, nearing $ 1.000 billion.

12 jun 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
The lowest accumulated soy export sales in nearly six years
The soybean exports commitments for the present marketing year accumulates 4 million tons, being the lowest figure in 6 years. The strong fall in the soybeans prices at the beginning of the year and the slight devaluation of the argentine peso value were not incentives enough to boost the farmer’s sales pace. That is one of the main reasons behind the very negative margin for the export sector.

12 jun 2017 | Agricultural Commodities Market
RAUL MILANO, ROSGAN EXECUTIVE DIRECTOR
To breed a heavyweight steer is all about a public policy
Argentina needs to achieve an ample supply of steers of more than 450 kg to start up meat exports. The recomposition of the livestock in our country has been performing well. Achieving heavyweight steers requires an optimal financing system as a starting signal.

12 jun 2017 | Agricultural Commodities Market
JULIO CALZADA
Global seed and agricultural chemical markets
During the last decades, the widespread use of the genetically modified seeds has generated heated discussions among those for and against. Arguments are exposed that normally sustain the ones that are in favor due to the favorable impact in the agriculture.

12 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Wheat export commitments reach a new record, while corn prices pick up
Corn and wheat prices increased last week, supported by the need of exporters and rises in Chicago’s market, where corn registered its higher value in a year. Export commitments for wheat reached a record high, as we expect the arrival of a record amount of corn in the next few weeks to Rosario’s Up River terminal ports.

12 jun 2017 | Crop Progress and Condition Reports
GEA - Strategic Guide for the Agribussines
Sowing of wheat advance 35% in the core region
After almost 20 days without rain, it was possible to continue planting wheat . More than 300000 hectares are already planted with wheat of a total of almost 900000. The intentions of planting are very varied, depending on the area.

05 jun 2017 | Crop Progress and Condition Reports
GEA - Strategic Guide for the Agribussines
Wheat area could drop up to 15% in the core region due to excessive water
This week, wheat planting advanced to 40% of the total intended area , but excesive soil moisture make wheat potential falter. The decrease in total area seeded may vary between 10 and 20% in the core area compared to last year. The lots that will not go to wheat will pass to corn.


05 jun 2017 | Agricultural Commodities Market
EMILCE TERRÉ
A potential turning point for cereals in the 2017/18 crop season
The next crop season is called to become a turning point for cereals, as it would be the first one in several years where stocks will stop growing. Global wheat production would fall more than 15 million tons while corn production could fall up to 31 million tons, while its demand is set to achieve a fresh record.

05 jun 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Local soy with slight changes, but China creates uncertainty
Argentina soybeans export prices are declining fast in the last weeks. This could be partially because there has been a big drop in the China crushing margin -which buys 87% of the Argentine soybeans in 2016- and the Brazilian shipments that have been canceled recently. Will the demand be appeased?

05 jun 2017 | Agricultural Commodities Market
JULIO CALZADA
6th in the world, Argentina produces more edible oil than Brazil
For the campaign 2016/2017, Argentina will be passing from the 7th to the 6th position as producer of veg oils and fats globally. Thus, it will overcome Brazil, country that has been in the 6th position during de last years. If we compare the production per country during the last two years, Argentina integrates the lot of three countries that who have most seen their productions of oils and fats growing in the word. As regards exports, Argentina will stay in the current campaign in third place globally. Many factors explain this phenomenon.

22 may 2017 | Agricultural Commodities Market
NICOLÁS FERRER
Recent trends in credit and deposit markets
The uptick in economic activity has resulted in a sustained increase in the volume of credit, despite the relatively high floor of interest rates set by the Central Bank of Argentina (BCRA). However, the growth in time deposits has stalled, and not even a decrease in passive rates paid by banks has been enough to stop their profitability to suffer.


22 may 2017 | Agricultural Commodities Market
BERGERO - CALZADA - SESÉ
Estimation of bulk agricultural products logistics in Argentina during 2016
We analyze the transport of bulk agricultural products in Argentina during 2016. We estimate the quantity of trucks, train wagons and barges that delivered grains, meals and oils to all the country terminal ports. We also estimated the ocean vessels that entered the Argentinian port system to load bulk agricultural products and transport them abroad. The  figures are shocking.  It is calculated that 2.6 million trucks, 260,000 wagons, 3,000 barges and 2,900 ocean vessels arrived to and sailed from the 6 bulk port hubs (Gran Rosario, Bahía Blanca, Quequén, Zárate, Ramallo and Villa Constitución/San Nicolás).


22 may 2017 | Crop Progress and Condition Reports
GEA - Strategic Guide for the Agribusiness
In the midst of a storm that can cause an unexpected drop of wheat area
The need to rotate crops, fight weeds and eliminate water excess confirms the intention to increase wheat area by 5-10%. However, there are areas still in bad conditions because of mud and water excesses. Water is not receding.


22 may 2017 | Agricultural Commodities Market
SOFÍA CORINA
Between the local uptrend and the international collapse
Unusual week for the market. Rosario Arbitration Board soybean price jumped more than 3% in one day to touch $ 3,880 / t, while in Chicago it sank $ 10 after political crisis in Brazil. The daily strengthening of 2.5% of the local exchange rate avoided local prices drop.


22 may 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Impact of Brazil’s "Temer effect" on the Argentine economy and agriculture
It is said that when America sneezes, the world catches a cold. However, the political crisis unleashed in Brazil this week reminds us that at a regional level our weak point has historically been the ups and downs of the Brazilian economy. What can be expected for the Argentine economy in general and for the agricultural sector in particular?


15 may 2017 | Agricultural Commodities Market
BERGERO – CALZADA – SESÉ
Which ports export agricultural products and soybeans from the United States?
In 2015, United States, one of Argentina’s main competitors in the soybean and corn global market, exported 142 million ton of agricultural products from 20 different port areas. 16 of those areas represented total soybean exports of 43.4 MT of soybeans. 60% of total soybean exports shipped from the Gulf of México, mainly through the New Orleans region. 24% of soybean exports were dispatched through the northwest Pacific Coast ports; 5% through Atlantic Coast ports, 1.8& through the Great Lakes port terminal and 9.2% by land. 7% of soybean exports are made in containers.


15 may 2017 | Agricultural Commodities Market
JULIO CALZADA - ALFREDO SESÉ
Large growth in bulk grain freight in Rosario Hub during 2016
Shipments of bulk grain, vegetable oils and protein meals have increased 41% between 2006 and 2016, and 96% from 2000 to 2016. Thus, grain freight logistic in Rosario Hub required of 1.96 million of trucks (one way only); 210,000 wagons; 3,000 barges and 2,420 ocean ships. These figures were higher than 2015’s by 300,000 trucks and 250 ships. Logistics is calling for improved infrastructure, particularly on railway and road access to terminal ports in Rosario Hub.


15 may 2017 | Crop Progress and Condition Reports
GEA - STRATEGIC GUIDE FOR THE AGRIBUSINESS
Despite the problems in the core region, there would be 57 million of tons of soybeans
Good yields in northern Argentina increased soybean production estimate to 57.0 million tons, while no major changes in the national estimate of corn were made this month, and production is still projected at 38.0 millions tons.


15 may 2017 | Agricultural Commodities Market

SOFÍA CORINA

Soybean touched the maximum price of the last 45 days
With only 18 million tons traded from a production estimated at 57 million soybeans 2016/17, the price of soy oilseed continues with positive trend. The Arbitration Board price reached $ 3,765 / ton, touching the maximum value of the last 45 days. Although this price has restored commercial flow, it is still far from expected trading for this time of year.


08 may 2017 | Capital Market
NICOLÁS FERRER
Interest rate futures: their place in the global derivatives market
In the next few weeks, ROFEX will launch its new futures contract on “Lebacs” or short-dated debt issuances from the Central Bank of Argentina. This product will broaden the currently limited menu of centrally cleared derivatives on domestic fixed income. Up next, we review some facts on the global market for this type of assets.


08 may 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
An anxious demand together with rising prices at CBOT boosted local values for grains
Snow and heavy rains at key producing areas of the States affected the development of hard wheat and delayed plantig of corn and soy, increasing volatility at foreign grain markets. Local prices reacted accordingly, and the need of crushers and exporters to convince sellers to let their stocks go exacerbated the upward trend. During April at Rosario’s cash market, soybean increased more than 10 dollars per tone, while wheat rised USD 6.5/ton and corn USD 0.5/ton.


08 may 2017 | Agricultural Commodities Market
EMILCE TERRÉ
80% of total 2016/17 Argentina’s grain production still has not been priced
If we take into account the six main grains Argentina produces (wheat, corn, sorghum, barley, soybean and sunflowerseed), over a total production of 128 million tons for the 2017/18 crop year, only 36% has already been traded (around 45.8 million tons) at the end of April. At the same time, 40% of that volumen was traded with delayed pricing contracts, meaning that 100 million tons still has not been priced.


02 may 2017 | Agricultural Commodities Market
EMILCE TERRE
Soybean traded with delayed pricing contracts set record in Argentina
As to mid-April, 85% of a production estimated at 56 million tons has not yet been priced. A stronger AR peso together with lower soybean prices and a still high inflation has lowered gross margin not only for producers but also for exporters and crushers, highlighting the infrastructure deficit to stock and transport grains. For producers, retaining grain is the preferred vehicle for saving for the future, as soybean can replace money in its three main functions: as a medium of exchange, a unit of account and a store of value.


02 may 2017 | Agricultural Commodities Market
FEDERICO DI YENNO
Soybean 2015/16 marketing year left $ 453,000 less in exports than 2014/15
Soybean and its main by-products exports for the 2015/16 marketing year left an export balance of US$ 18,645 million. The 2014/15 MY totaled 19,098 million US$ so this campaign left 453.000 US$ less. The small drop was offset with larger grain shipments.


02 may 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
Eager crushers at the Up-River support local soybean and corn prices
The antagonistic behavior of soybean at the Rosario cash market and CME is a sign of strength of the Up-River crushing industry demand; therefore, local prices rose 2.8% at the end of the week. Notwithstanding, the most traded grain in the local market was, by far, corn.


24 abr 2017 | Agricultural Commodities Market
EMILCE TERRÉ
Delays in harvesting and farmer selling for Argentina’s 2016/17 soybean crop
While a rainy April is still delaying soybean harvest, the downward trend of prices slowed down farmer selling. 21% of the seeded area has been harvested, while the average for the last 5 years reaches 42%. At the same time, 85% of the projected production has yet not been priced.


24 abr 2017 | Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
Cereals, between optimism and caution
Rainfalls negatively affected crop development in both hemispheres, exacerbating uncertainty in the market. USA corn seeding is delayed, while Argentina coarse grain harvest progress is well below the 5 year average, though ample global stocks limit further price recovery.


24 abr 2017 | Crop Progress and Condition Reports
GUÍA ESTRATÉGICA PARA EL AGRO @BCRgea
Strong delay in soybean harvest; the lost area climbs to 1 million hectare
Heavy rain in the west of the country increased loses due to excessive soil moisture. Nevertheless, yields turned out to be better than expected in some early harvested fields at Buenos Aires, and therefor production estimate is kept unchanged.


24 abr 2017 | Agricultural Commodities Market
ESTEBAN MOSCARIELLO @moscarielloe
Santa Fe: long tradition in wheat production
Rainfalls negatively affected crop development in both hemispheres, exacerbating uncertainty in the market. USA corn seeding is delayed, while Argentina coarse grain harvest progress is well below the 5 year average, though ample global stocks limit further price recovery.


 

 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
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Rosario - Santa Fe - Argentina

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