Recent heavy rains that interrupted wheat harvest in Argentina's core productive region resulted on a lower number of trucks entering Rosario Hub this November compared to last year. November planned exports according to line-up data reach 900 thousand tons, which imply tighter stocks in the ports and an increased pressure on 2018/19 crop logistics.
In November, corn shipments reached 1.85 Mt while scheduled soybean shipments would surpass March shipments (during Argentine harvest season). Vessels carrying soybeans are currently leaving South American ports towards China, a rather atypical scenario for November.
Over the past 9 years, the cost of the ocean freight from Argentina to China dropped by 15% in nominal terms and 27% in real terms. However, freight rates for Argentina have grown in the last 3 and half years, especially during 2017. Argentina-China ocean freight went from US$ 41/t in May 2015 to US$ 47/t in November 2018, increasing 15% in this period. Argentina-Europe ocean freight rise was even sharper: 80%.
The world is heading towards a 481 million tons crushing record in 2018/19, according to Oil World. However, the scenario in Argentina seems to be quite the opposite. The country that became the fourth greatest soybean crusher in 2016/17 cycle, will keep the fifth place this year.
Federico Di Yenno, Analyst of Economic Investigations Stock Exchange of Rosario, went through the study of BCR News and deepened on how they influenced the commercial tensions between both nations
It reiterates Trump's decision to withdraw the US from the Paris climate agreement.
Two nations sign a US$9-billion currency swap deal to boost Argentina's foreign currency reserves, Central Bank announces, as more than 30 other deals are inked by two leaders.
French President Emmanuel Macron has warned that he will oppose a trade deal between the EU and Mercosur if Brazil's incoming far-right president pulls his country out of the Paris Agreement.
📅 13/12/2018 09:00
South Korea's top court ruled on Thursday that Japan's Mitsubishi Heavy Industries Ltd (7011.T) must compensate 10 South Koreans for their forced labor during World War Two, a ruling that drew an immediate rebuke from Tokyo.
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