18/06/2026 04:06 - Economia
Granos de soja sobre fondo de gráficos financieros con tendencia alcista, representando inversiones agrícolas y commodities
In a context of marked volatility in global agricultural markets, investment funds have begun resuming positions in the soybean market, taking advantage of a price dynamic that remains relatively firm. This decision by institutional investors is mainly based on solid demand from China, which continues to be the world's leading buyer of this oilseed.
The Chicago Board of Trade (CBOT)—North America's oldest futures and options exchange, established in 1848—remains the global benchmark for pricing grains and oilseeds. Investment decisions, USDA (United States Department of Agriculture) reports, and demand signals all converge in this futures market that operates under clear rules and regulatory transparency.
Unlike soybeans, corn is trading near its lowest levels in several months in the Chicago market. The reasons are multiple:
Soybeans maintain a more stable quotation, supported by the constant flow of Chinese purchases. China imports approximately 100 million tons of soybeans annually, destined mainly for the production of meal for livestock feed and vegetable oil.
This dynamism in demand creates a price floor that investors consider attractive for long positions.
The global scenario presents multiple elements explaining the observed uncertainty and volatility:
Meteorological conditions in the U.S. Corn Belt—the region spanning Iowa, Illinois, Indiana, Ohio, and surrounding states that produces the bulk of American grain—generate speculation about final yields for the 2026/2027 season.
The recent agreement between the United States and Iran (signed on June 19, 2026, in Bürgenstock, Switzerland) caused Brent crude oil to fall to USD 83-84 per barrel, impacting transportation and fertilizer costs.
Projections of record harvests in Brazil and Argentina exert pressure on prices, while global stocks rebuild after years of depletion.
For Argentina—the world's leading exporter of soybean meal and oil and third-largest corn producer—these market movements are fundamental. International grain prices directly impact:
Favorable Context The Argentine country risk spread fell to 425 basis points (the lowest since April 2018), May 2026 inflation stood at 2.1%, and the BCRA (Banco Central de la República Argentina, the nation's central bank) accumulated USD 10.6 billion in net purchases, generating a more stable macroeconomic scenario for the agri-export sector.
Alfredo S. Quiroga
