By Ana Mano and Roberto Samora
SAO PAULO (Reuters) -Anec, a Brazilian association representing global grain traders like Cargill and Bunge, on Thursday confirmed “atypical” sales of Brazilian soybeans to Argentina after rumors about unusual cargos being booked at this time of the year.
Sergio Mendes, Anec’s general director, said in an interview that Brazilian supplies are needed after a spat of Argentine soy sales driven by the government’s “soy dollar” program in the final quarter of the year depleted local stocks.
The expectation that a drought will reduce Argentina’s domestic soy production in 2023, together with a possible renewal of Argentina’s so-called soy dollar program, could mean that it will import “much larger” volumes from Brazil this year, Mendes said.
Fernando Muraro, an analyst with AgRural, estimates Brazilian soy sales of 200,000 to 300,000 tonnes to Argentina for delivery in February and March.
Muraro said crushing margins in Argentina rose by $10 per tonne in the beginning of January, making soy imports from Brazil an attractive option during the peak of Argentina’s soy inter-harvest period.
Mendes said he confirmed the unusual bookings with members of the association, declining to provide details on who is organizing the ongoing trades.
(Reporting by Ana Mano and Roberto Samora; Editing by Steven Grattan and Paul Simao)
