Lower Argentinian domestic production this season, due to severe drought, led the government to implement another ‘soy dollar’ programme to incentivise farmers to sell their crops, as reported by Minted here. The programme, which came into effect on 8th April and is set to expire on 31st May, saw an uptick in sales last week as the end of the programme approaches. According to the Rosario Board of Trade (BCR), after a daily average settlement of 40,000 tonnes of sales in the soy complex in April, more than one million tonnes of sales were recorded between Friday 12th May and Monday 15th May – bringing external sales in those two days higher than the total recorded in April. The BCR further stated that despite the recent improvements, accumulated foreign soybean sales volumes are likely to remain below volumes reached in previous years, with the accumulated foreign sales at a 12-year low as of 17th May. The Mintec Benchmark Prices [MBP] for Soybean Oil FOB Argentina was $915.5/mt on 25th May, an increase of 2.7% on the week.
