Overview

• The government made reductions in corn and soybean export taxes permanent in early August, prompting farmers to accelerate sales of their 2024/25 harvest.
• By late July, 88% of the corn harvest was complete and exporters held a net short position of 4.5 million tons as registered sales outpaced purchases.
• Soybean exporters recorded a net short of 1.378 million tons after declaring 8.04 million tons in sales against 6.7 million tons of purchases.
• Domestic soybean prices remain steady at ARS 390,000 per ton in Rosario even as Chicago futures hover around US$355 for August delivery.
• Oilseed processors hold just 1.4 million tons of inventories with crushing margins about US$5 per ton negative, signaling strong upcoming demand.