Overview

• With soy export duties back at 24.5%, A3 quotes fell to about US$347 per ton for nearby positions and roughly US$311 for April–May, while Rosario spot closed the week at ARS 495,000 after an 8.8% rise.
• Analysts reported spot soybean bids near US$349 per ton, exceeding an estimated payment capacity around US$282, indicating aggressive buying in the cash market.
• Official filings as of September 24 showed exporters had sold more than purchased—soy at 10.5 Mt vs 9.7 Mt and corn at 23.5 Mt vs 21.7 Mt—supporting nearby corn near US$181 per ton.
• Crushing margins are negative at current FOB values for oil (US$1,066/t) and meal (US$286/t) under the restored levy, reinforcing downward pressure on domestic soy prices.
• Wheat eased to about US$190 per ton as the new harvest starts, and softer global demand—particularly limited Chinese purchases of U.S. soy—kept Chicago futures under pressure.