Soy approached US$440 and opens an opportunity for Argentine exports
One of the main drivers of the recovery was the escalation between the United States and Iran. The tension around the Strait of Hormuz, a strategic route for global oil trade, pushed up crude prices and transferred to products used in the production of biofuels.
The international price of soybeans approached US$440 per ton this Monday, reaching its highest value since mid-May, a recovery that opens an opportunity to strengthen Argentine exports and accelerate the inflow of foreign currency from the country's main production complex.
The oilseed rose 0.4% in the Chicago market, closing at US$439.73 per ton, after accumulating an increase of nearly 5% over the past week. The rise also supported local prices, where soybeans were traded at up to US$325 per ton.
The movement occurred after the completion of the Argentine harvest, whose production exceeded the average of the last five campaigns and could generate exports of approximately US$17.5 billion. A higher international price could improve the value of those sales, incentivize pending commercialization, and favor the accumulation of reserves.
In this scenario, soybean oil approached US$1,600 per ton and accumulated a weekly increase of over 5%. In addition to the geopolitical factor, forecasts of heat waves in the main producing regions of the United States generated uncertainty about the supply for the upcoming campaign.
China returned strongly to the U.S. market during the first days of July, reinforcing expectations that it will purchase around 25 million tons annually. Given this combination, speculative funds doubled their long positions and added the equivalent of 10 million tons between futures and options in one week.
The improvement finds Argentina in the midst of a process to reduce the tax burden on the productive sector. Javier Milei has already implemented a reduction of the withholdings on wheat and barley, while announcing that from January 2027, a gradual reduction of export duties applied to soybeans will begin.
