Soybeans function as a cash box and corn as a source of liquidity.

According to data released by the CIARA-CEC's Agroindustrial Monitor, Argentine producers have unsold stock totaling 42.144 million tons of soybeans and corn combined. The report highlights that 28.424 million tons of soybeans remain unsold, representing 57% of the 2025/26 harvest. Of this amount, 21.157 million tons are held by producers for sale in the market, while 7.268 million tons have been delivered for price fixing and are still pending finalization. From the previous campaign, 2024/25, 2.335 million tons of soybeans remain unsold, equivalent to 5% of production. Soybean sales during July reached 4.044 million tons, surpassing June’s 3.489 million tons and matching the record set in the first month of the harvest with 4.315 million tons. Across both campaigns, producers have 30.759 million tons of soybeans unsold. At a FOB price of $480 per ton, this volume amounts to $14.764 billion. For corn in the 2025/26 campaign, producers hold 13.720 million tons unsold, including 7.7 million tons available to producers and 6.016 million tons delivered for price fixing. This represents 34% of the estimated 40 million tons of exportable surplus. From the previous campaign, 2024/25, 3.5 million tons of corn remain unsold, accounting for 11% of the projected 32 million tons of exportable surplus. Across both corn campaigns, producers have 17.220 million tons unsold. At a FOB price of $230 per ton, this equals $3.960 billion. Combined, the value of unsold soybeans and corn totals $18.724 billion. The market dynamics indicate that producers view soybeans as a store of value and do not feel pressured to sell their stocks immediately. They may choose to sell soybeans if they need to meet payment obligations, purchase inputs for summer crops, or contract services such as planting, spraying, or fertilization. Producers understand that soybeans maintain year-round demand, with exporters and oil mills competing fiercely for available supplies. In particular, oil mills are highly dependent on purchasing physical soybeans, as their inventories are dwindling and they need to compensate for grinding operations. In contrast, the demand for corn is currently strong due to the need of exporters to cover their short positions, which stand at 1.348 million tons. Exporters have already secured and fixed prices for 28 million tons of corn, while sales or DJVE transactions account for 29.4 million tons. This discrepancy creates pressure on exporters to fulfill their commitments. Producers are adopting a strategy to sell late-season or second-crop corn directly from the field to the port as it becomes harvested. For now, the market remains stable until exporters can settle their short positions. The analysis suggests that soybeans function as a cash reserve, while corn serves as a liquidity source. This distinction reflects the different roles these commodities play within the agricultural sector and the broader economic landscape.