At current prices, corn exports will generate additional foreign exchange earnings for $ 617 million, according to private estimates. The last rains improved the state of the crop and allow projecting an increase in exports for the 2020/21 cycle, which will close at a volume of 48.5 million tonness.
According to a report prepared by the Rosario Stock Exchange (BCR), foreign sales of corn will be for 8,642 million dollars. The latest rains brought relief and cut the drought that was conditioning the crop in the central area of the country. In this way, the stock market entity increased its estimates for the corn campaign in 2.5 million tons, which leaves a final balance of 48.5 millions tons for this season’s cereal.
With this new forecast, the exportable balance for corn would amount to 35 million tons. At current prices the BCR estimated that with a « distribution of shipments that follows the trend of previous years, this increase in exportable tonnage would allow an additional income of foreign currency of 617 million dollars. »
Regarding the purchases made by exporters, they estimated that so far they have reached the 16 million tonsThis volume is only surpassed by what was negotiated in the previous season, when 18.9 million tons were sold to date. This purchasing rhythm of the past campaign had as its main factor a strong political and economic uncertainty, after the victory of Alberto Fernández in the 2019 presidential elections.
The report of the Rosario Stock Exchange weighed the state of late crops in Cordova and in the center and north of Santa Fe, which allow to maintain a national yield of 7,960 kilos per hectare. If these projections materialize, they indicated that the harvested volume would barely be below the record of the past two years, when production climbed to 51.5 million tons.