(Updates with details, analyst citation and author signature)
By Ana Mano and Roberto Samora
SAO PAULO, Jan 12 (Reuters) – Anec, the Brazilian association that represents global grain traders such as Cargill and Bunge, confirmed on Thursday “atypical” soybean sales to Argentina after rumors about booking unusual cargoes around this time. of the year.
Sergio Mendes, Anec’s CEO, said in an interview that Brazilian supplies are needed after a surge in Argentine soybean sales depleted local stocks.
The expectation that a drought will reduce Argentina’s soybean output in 2023, along with a possible renewal of the so-called soy-dollar program, could mean it will import “much larger” volumes from Brazil this year, Mendes said.
Fernando Muraro, an analyst at AgRural, estimates Brazilian soybean sales of 200,000-300,000 tons to Argentina for delivery in February and March.
Muraro said crushing margins in Argentina increased by $10 per tonne in early January, making imports of soybeans from Brazil an attractive option during the peak period between soybean harvests in Argentina.
Mendes said he confirmed the unusual reservations with members of the association, but declined to give details about who is organizing the operations. (Reporting by Ana Mano and Roberto Samora; Editing in Spanish by Javier Leira)