Before the coronavirus crisis hit fuel consumption, YPF reported profits in the first quarter of the year of $6351 million, according to the statement filed yesterday with the National Securities Commission. The impact of mandatory insulation, which involved a collapse in sales of up to 80% on naphthas, 50% on diesel and 90% jet fuel, will be reflected from the second quarter balance sheet.
Argentina’s 2019/20 soybean harvest would be 51 million tonnes, from the estimated 52 million previously, while production in the upcoming 2020/21 campaign would reach 53.5 million tonnes, the U.S. Department of Agriculture(USDA) said Tuesday. The USDA estimated wheat 2020/21harvest at 21 million tonnes. It is the first estimate the body makes for new wheat. Forecasts that maize crops for the current 2019/20 cycle and the next 2020/21 campaign will be 50 million tonnes.
The Government returned to a new round of talks with its Mercosur peers, in the context of the crisis that erupted last April 24 when the Chancellery formalized its refusal to sign free trade agreements that are negotiated with South Korea, Canada, Singapore and Lebanon.
The maize market concentrated the most significant number of active buyers on the market, on a day with less commercial activity in general. For the cereal with immediate delivery and contractual condition, the offer fell to $118/t, seven dollars below the best offer of the previous day. The soybean market kept the line of yesterday’s day, concentrating a good number of buyers, with the best purchase offer by the industry at $215/t. For wheat with immediate delivery, the proposal was $175/t, although without ruling out improvements. The best open offer to buy by sunflower was located at $245/t for the oilseed with immediate delivery, the same value as on the Friday wheel.
The leading Merval indicator of the Buenos Aires Stock Exchange won 1.43% on Tuesday and closed at 39,133.71 points, in a market that more optimistically expects an Argentinasettlement with groups of creditors for a debt swap. The volume traded in stock reached 2,140.1 million pesos ($30.5 million at the turn of the day).