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 News

Agricultural Commodities Market
JULIO CALZADA
Who exported grains and by-products in 2017? Which were the destinations?

​Argentina dispatched around 82 Mt of grains, protein meals and vegetable oils in 2017. Cargill, Cofco and Bunge were the three main exporters. The five main exporters shipped close to 57% of the total exports of Argentina, while the first ten companies dispatched 88%. China and Brazil were the main buyers of Argentine grain, since they bought 25% of the total grains shipments. Five countries acquired more than half of the grains shipments of Argentina. The batch of buyers of soybean meal remains atomized and Argentina continues to be heavily dependent on India's purchases of soyoil and sunoil.

Agricultural Commodities Market
CORINA - TERRÉ
No floor for yields nor ceiling for prices in soybeans

​Drought conditions worsened in February and left soybean conditions in Argentina under very severe thermohydric stress. National yield plummeted without finding a floor yet, while cash prices skyrocketed to its highest level in 4 years.

Agricultural Commodities Market
RAMSEYER - TERRE
Market is trying to persuade Argentinian producers to seed more wheat

With a lower offer and a strong demand, prices for 2018/19 wheat to be delivered next harvest (between Dec-18 and Jan-19) at Rosario’s terminal ports climbed to US$ 190/ton, the same value that is currently being offered for the grain to be delivered in July 2018, meaning that exporters are willing to give up any seasonal advantage.

Agricultural Commodities Market
RAMSEYER - TERRE
Argentinian corn exporters keep adjusting their strategy to the lower production context

​Argentinian shipping commitments so far this year is already three times above last 5 years’ average. Given the risk of keep discounting production to 2017/18 crop year estimates, exporters have enough motivation to assure the possession of the grain and prices escalated accordingly in the week to March 2nd.

Crop Progress and Condition Reports
GEA
80% of the core region in drought conditions

​Insufficient rainfall and high temperatures left an unprecedented water deficit in the region. The drought condition extends to 80% of the core region. The second crops advance in their cycle and the possibility to recover yield is decreasing.

Agricultural Commodities Market
PATRICIA BERGERO - JULIO CALZADA
Gran Rosario keeps the first place as the largest exporter region in 2017

Argentine port nodes exported 87.6 Mt of grains, oilseed, meals and vegetable oils in 2017. The most important node was the Gran Rosario accounting 68.6 Mt. Bahia Blanca was second with almost 9 Mt and Quequén, third, with 6 Mt. The exports from the Gran Rosario and Zárate region increased while Bahía Blanca and Quequén had a fall in their volume compared with 2016. The port node with the highest growth was Zárate. The Gran Rosario share of total, grew to 78% in 2017 from 77% in 2016. 

Agricultural Commodities Market
PATRICIA BERGERO - FRANCO RAMSEYER
Good market prospects for wheat planting

​Domestic wheat prices continue to send signals to stimulate the cereal’s sowing, with next year’s crop prices above the current ones. Weather conditions are worrying for the planting of the cereal. In North America, the drought doesn’t step back and the USDA reduced their export estimates.​

Agricultural Commodities Market
SOFÍA CORINA - EMILCE TERRÉ
Argentine coarse grains suffer another week without rain

March rains are similar to February exhibiting a rather large deficit. The beginning of the new local harvest and the Chicago prices downturn drove down the prices for the local soybean.  At the other market, the needs of the export sector allowed the corn to get around the rock and stand firm on its upward path. 

Agricultural Commodities Market
FRANCO RAMSEYER - BLAS ROZADILLA - EMILCE TERRÉ
Drought hurries coarse grains businesses

The bidders rush to deliver corn to take advantage of the premium that gives the present delivery in comparison to the deliveries for the next month, in a campaign in which the financial needs of the producing sector are exacerbated by the drought. Without certainty about the volume of Argentine soybeans and corn that will be produced this year, ensuring the merchandise's origination seems to be the safest bet.          

Economics
EMILCE TERRÉ
How much are drought losses calculated in corn and soybeans?

The drought that has been affecting soybeans and corn in the 2017/2018 production season will imply a fall in the Gross Domestic Product (GDP) of more than 4,600 million dollars for the Argentine economy, from which US $ 1,550 million correspond to direct losses of the productive sector.

Agricultural Commodities Market
FEDERICO DI YENNO
Argentine wheat price rise due to foreign markets
Argentine wheat FOB prices increased 15 USD/MT in the last week due to a stronger demand from Brazil, Algeria and Southeast Asia countries. Thus, the increasing prices at the foreign markets helped to improve the local wheat prices. Therefore, the increasing demand along with the uncertain in the U.S supply boosted the 17/18 MY local wheat prices.
Crop Progress and Condition Reports
GEA
Soybean production drops to 40 MMT and corn to 32 MMT

Soybeans decline by 6.5 million tones and corn by 3 million tones compared to what was calculated in February.

Economics
JULIO CALZADA - EMILCE TERRÉ
Grain shipments grew in 2017, greater participation of “Gran Rosario”

According to official sources, shipments of grain from Argentina grew by 1.5% in 2017 reaching 48.4 million tonnes. The participation of the terminals of the Gran Rosario also increased in those shipments, 66% of the grains shipped in 2017 came out from this area (29.7 Mt). On the other hand, at the country level, shipments of wheat abroad tripled in the last two years. Furthermore, corn represented 50% of the Argentine shipments.

Transport & Logistics
PATRICIA BERGERO – JULIO CALZADA – ALFREDO SESÉ
Impressive transportation movement generated by grains in Argentina

We analyze the transport of agro-grains in 2017, quantifying the quantity of trucks, railway wagons and barges that brought grains, meals and oils to all the country's ports. About 2.5 million trucks, 243,000 rail wagons, 4,300 barges and 3,000 ships would have entered the 6 nodes.

Transport & Logistics
JULIO CALZADA - ALFREDO SESÉ
Strong movement of agro-bulks in the Gran Rosario in 2017

According to our estimates, approximately 1,990,000 trucks, 184,000 railroad wagons and 4,300 barges would have entered the Gran Rosario. To this must be added about 2,350 ships that loaded grains, oils and by-products and loading/unloading of different nature and origin merchandise.

Agricultural Commodities Market
FRANCO RAMSEYER - EMILCE TERRÉ
Available wheat has appreciated in relation to the next harvest

The strong external demand of wheat pushed the value of the cereal upwards for the current season, while external losses and some optimism regarding the rains in the coming weeks pushed the values offered by next harvest wheat.

Agricultural Commodities Market
SOFÍA CORINA - BLAS ROZADILLA
Coarse grains see their offer and prices fall

The national harvest projections continue to adjust negatively. In spite of this, the splicing of prices with the new soybean crop and the external losses pushed the prices of the oilseed and corn during the week.

Crop Progress and Condition Reports
GEA
Lost yields caused by the drought

The 20% harvested soybeans indicates less yields and production drops of 500 thousand tons in the core region.

Business
JULIO CALZADA - CARINA FRATTINI
Historical record for financial derivatives in Argentina

2017 was a year of great activity for the futures markets, with a remarkable performance of ROFEX S.A. The growth in the volumes operated highlight the usefulness of the instruments traded in these markets for the national economy.

Agricultural Commodities Market
PATRICIA BERGERO-BLAS ROZADILLA
South America as the leading exporting crusher in soybean complex

From 2012 to 2017, the oilseed processing industry grew 18% in capacity in 4G + UY (the main exporting producers -Argentina, Bolivia, Brazil and Paraguay- plus Uruguay). With the capacity to process more than 133 Mt of soy, South America effectively industrializes 32% (93.2 Mt) of the global total, the same 32% of China and over the 18% of the US. The export profile of the region is because 75% of the world trade in oil and soybean meal is from South American origin. Argentina leads the large-scale, modern and efficient industry model, which processes locally and places products in the international arena.

Agricultural Commodities Market
JULIO CALZADA - SOFÍA CORINA - FEDERICO DI YENNO - FRANCO RAMSEYER
The price of wheat helps and the weather seems to give a break

In the last month of March the average price of wheat with to be delivered in December in Rosario reached an interesting figure, being higher than that evidenced in previous campaigns. The economic equation is interesting. It remains to analyze the soils' moisture reserves that will be crucial to to define the hectares sown and the output of wheat 18/19.

Agricultural Commodities Market
BLAS ROZADILLA - EMILCE TERRÉ
USA and China threaten with a trade war and the soybean market trembles

This week the world markets were shaken by the exchange of threats to impose tariffs on imports from the United States to China and vice versa on a series of products, which includes shipments of soybeans and corn from North America to the Asian giant. In this context, the South American soybeans were considerably appreciated in relation to the North American ones.

Transport & Logistics
JULIO CALZADA - ALFREDO SESÉ
What granary load can a bitrain carry and how much could be saved in fuels?
In this article we continue with the analysis developed in a previous note, regarding the bitrains. As it was pointed out, "bitrains" are understood as a formation based on a truck (tractor unit) with at least two trailers that articulate with each other, by means of a type B coupling system also known as a "fifth wheel". The bitrains’ length can vary, depending on the country, between 19 and 30 meters long, with weights ranging from 53 to 75 gross tons.
Agricultural Commodities Market
JULIO CALZADA - BLAS ROZADILLA
Vegetable oils shipments abroad in 2017
Argentina continues to be the world's leading exporter of soybean oil and the third world exporter of sunflower oil. In spite of the fact that in 2017 Argentine vegetable oils’ shipments abroad fell by 4.7% with respect to the previous year, our country continues to export close to 6 million tons. The “Gran Rosario” continues to be the main industrializing and exporter of vegetable oils, and Renova and Terminal VI were the port hubs that shipped the largest volume of vegetable oils last year. Together, they dispatched 41.3% of the national total.
Agricultural Commodities Market
JULIO CALZADA - FRANCO RAMSEYER - EMILCE TERRÉ
In 2017, Argentine shipments of oilseed’s by products remained high
Shipments of oilseed’s by-products from Argentine ports remained at 32.7 MT in 2017. The “Gran Rosario” continues to lead industrialization, showing an increase in shipments abroad from the southern port terminals. In the hubs of the North of the “Gran Rosario” the shipments diminished, nevertheless, the two Argentine ports that greater amount of by-products dispatched in 2017 are precisely in this metropolitan area.
Agricultural Commodities Market
RAMSEYER – TERRÉ
The harvest advance confirms new production cuts, particularly in soybeans
New cuts in the production of coarse grains put pressure on exporters and industrialists to accelerate de grains origination. Indeed, coarse grains' purchases far exceed the volumes of the previous campaigns. Corn closes the week up while soybean prices are being arbitrated with the external markets.
Agricultural Commodities Market
ROZADILLA – TERRÉ
Rains allow to recover the illusion of planting wheat for the 2018/19 season
Faced with the dilemma of the producing sector between minimizing the pretensions on scarce water resources and securing an income in December, after a campaign that leaves it financially beaten, the rains of the previous week and attractive prices allow to recover the optimism for 2018/19 plantings.
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 News

27 feb 2018 | Business
FEDERICO DI YENNO
Crowdfunding in Argentina: keys to regulation
In support of the entrepreneurial activity, promoting the local development of productive activities and launching innovative financing systems, the National Securities Commission (CNV) regulated the creation of Collective Financing Systems. Known as "Crowdfunding" in the English language, with resolution No. 717 published last January, the CNV established for Argentina the norms for the financing of projects of different sizes and the development of new ideas, which have traditionally resorted to other funding sources for its initiation.

27 feb 2018 | Agricultural Commodities Market
BLAS ROZADILLA - EMILCE TERRÉ
The pieces in the supply of cereal to the world are rearranged
The drought has already claimed 5 million tons of corn, breaking the hope that Argentina will increase the volume of exports in the 2017/18 season. In wheat, shipments do not disappoint but it is the United States that suffers the least competitiveness, and Chicago echoes.

27 feb 2018 | Agricultural Commodities Market
EMILCE TERRÉ - FRANCO RAMSEYER
Paradigm shift for the Argentine soy market
After four consecutive years with Argentine final stocks of soybeans at or above 10 Mt, a brutal drought will cut inventories by at least half. The market responded to this change in trend and the Rosario Board of Trade broke AR$ 6,000/t barrier.

27 feb 2018 | Agricultural Commodities Market
BLAS ROZADILLA - EMILCE TERRÉ
The investment funds change their positioning to bet on the rise of soybeans and corn
In January of this year in the Chicago futures market, if we add the positions in soy, corn and wheat, the funds registered their highest net short position in grains since 2006. As of the last week of that month, they began the strong short-coverage of these positions, with weekly purchases that approached record values. This shows the change in the general positioning of the funds with respect to these agricultural commodities. It would seem that today they stand in the market envisioning an upward trend in prices, especially in corn and soybeans, where they have a net purchased position.

19 feb 2018 | Crop Progress and Condition Reports
GEA
Due to the drought, Argentine core region´s production would fall by almost 4 M T compared to last year
Due to the lack of water, the production of soybean of the core region would be 16.8 million tons. Last year it was 20.6 million tons. The first soybean would yield 3,3 Tn, far from the 4,0 expected at the beginning of the campaign. The expectation in the second soybean crumbles. It could yield only 2,0 Tn/ha.

19 feb 2018 | Agricultural Commodities Market
BLAS ROZADILLA - EMILCE TERRÉ
Fueled by climate, soybeans hold up their bullish potential
The drought in our country is still the main factor that moves prices. This week, both in the local market and in Chicago, the oilseed continued on its upward path. Soybean meal, of which Argentina dominates the international market, leads the rises in the soybean complex and so far this year its price increased US$65 /ton in CME Group.

19 feb 2018 | Agricultural Commodities Market
FRANCO RAMSEYER - EMILCE TERRÉ
Cereals are praying for rains in the United States and Argentina.
Dry weather combined with low temperatures in the United States give a boost to the external price of wheat, improving the competitiveness of Argentine shipments. Meanwhile, the lack of rain worries the new Argentine maize campaign, thus, buyers are rushing to ensure the supply of merchandise.

14 feb 2018 | Crop Progress and Condition Reports
GEA
Soybeans need water soon
The signs of drought expanded to all soybean crops in the region. The technicians speak of a reproductive drought, very damaging, that could seriously impact on yields.

14 feb 2018 | Agricultural Commodities Market
JULIO CALZADA - BLAS ROZADILLA
The seed, key link in the agri-food chain
For an agricultural producer country like Argentina, the seed industry is very important and it is enough to observe some key indicators. This complex comprises more than 2,600 companies, employs more than 115,000 people directly and indirectly, has an annual seed production of almost 1 Mt, an annual turnover of 1,500 million dollars and exports of 285 million dollars. In addition, our country is the 9th world producer of seeds -second in the Latin American ranking-, 10th world exporter in dollars and 17th world exporter in negotiated volume.

14 feb 2018 | Agricultural Commodities Market
EMILCE TERRÉ - FRANCO RAMSEYER
Critical moment for soybean and corn campaigns
Weather is being decisive to determine the coarse grains harvest 2017/18. Each additional day that passes without rain reduces the yield potential of Argentina’s main exporting complexes. Whatever happens with the climate will not only have impact on the farmers, but also on the entire Argentine economy.


05 feb 2018 | Agricultural Commodities Market
SOFÍA CORINA - FRANCO RAMSEYER
Climate puts Pressure on Argentina’s Soybeans and Corn.
The critical month for soybeans is starting with climatic forecasts that would not satisfy the water demand of the crop in Argentina.

05 feb 2018 | Economics
JULIO CALZADA - FEDERICO DI YENNO
Agricultural equipment sales increased in 2017
Argentine agricultural machinery and equipment exports increased 11 % to November 2017 while local sales increased 79 % at the third quarter of 2017. The use of installed capacity in the sector also rose up to 78 % as September 2017 from the low of 50 % in 2015.

05 feb 2018 | Economics
JULIO CALZADA - ENRIQUE LASGOITY - FRANCO RAMSEYER
Field and Agroindustry: Engines of production, consumption and exports of fuels.
The field is responsible for almost a quarter of the total diesel consumption in our country and biofuels provide not only foreign currency but also help to increase the supply of naphtha and diesel that Argentina's automotive sector and the agricultural and livestock activities demand.

29 ene 2018 | Business
FEDERICO DIYENNO
Deferred payment checks: volume traded rise up 23% in 2017.
Deferred payment checks (DPC) trading volume increased almost 23 percent in 2017 measured in pesos and 2.6 percent measured in units. DPC holds better yields than other fixed rate investments with the same risk and maturity. This yields were correlated with the reference rates of the monetary market in Argentina throughout 2017 with the same maturity.

29 ene 2018 | Agricultural Commodities Market
BLAS ROZADILLA
Good news in the international wheat market
As the crop year already finished, Argentine wheat continues to break records. This time, the good performance of the local cereal is focused on foreign trade. New marks in monthly sales to Brazil, the diversification of export destinations and the growth of the dollars generated characterize the great competitiveness in this crop.

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 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
TE: (54 341) 5258300 / 4102600
Rosario - Santa Fe - Argentina

Oficina Buenos Aires Reconquista 458 piso 7° - C1003ABJ - Cdad. de Buenos Aires.
Tel: (54 - 011) 43280390/1484 43939391/9649- Fax: (54 - 011) 43939649
contacto@bcr.com.ar