Corn for soybeans

The corn-for-soybean fixing deal is essentially a fixing deal in which the price of corn is determined by a percentage of the price of soybeans, rather than by a reference market for the grain. This type of business is useful for those who plant corn on rented fields to be paid in quintals of soybeans, when the price of corn becomes too expensive relative to the price of soybeans in light of historical prices, or for those who are looking for fixed corn deals and are not available.

Corn for soybeans

The corn-for-soybean fixing deal is essentially a fixing deal in which the price of corn is determined by a percentage of the price of soybeans, rather than by a reference market for the grain. This type of business is useful for those who plant corn on rented fields to be paid in quintals of soybeans, when the price of corn becomes too expensive relative to the price of soybeans in light of historical prices, or for those who are looking for fixed corn deals and are not available.

Corn for soybeans

The corn-for-soybean fixing deal is essentially a fixing deal in which the price of corn is determined by a percentage of the price of soybeans, rather than by a reference market for the grain. This type of business is useful for those who plant corn on rented fields to be paid in quintals of soybeans, when the price of corn becomes too expensive relative to the price of soybeans in light of historical prices, or for those who are looking for fixed corn deals and are not available.

This strategy consists of delivering corn to be fixed for a proportion of the soybean price.

It is therefore a strategy that does not leave a firm price: The resulting value can be better or worse than the current value, depending on what happens to prices.

However, the price of corn becomes dependent on soybeans:

  • In many cases it is the unit on which rents are closed.
  • Is more volatile than corn
  • It is carried forward to November
  • It has a greater number of hedging tools.
This strategy consists of delivering corn to be fixed for a proportion of the soybean price.

It is therefore a strategy that does not leave a firm price: The resulting value can be better or worse than the current value, depending on what happens to prices.

  • In many cases it is the unit on which rents are closed.
  • Is more volatile than corn
  • It is carried forward to November
  • It has a greater number of hedging tools.
Example

July corn to be fixed for 56% of soya. Fixing until July by forward market and from then until the end of the year by slate.

Example

July corn to be fixed for 56% of soya. Fixing until July by forward market and from then until the end of the year by slate.

Parameters
Delivery month

This is the date on which the corn will be delivered. It is usually March/April for early and July for late, but business can be done in any month that has negotiation.

Fixing percentage

This is the percentage of the soybean price that will be taken to make the fixing. Example: if the fixation rate is 54% and soybeans are worth USD$ 280/tt, the resulting value of the fixation is 54% * USD$ 280/tt = USD$ 151.2/tt. This value is calculated by dividing the corn price by the soybean price, but is normally discounted slightly more for structuring costs.

Fixing time

Normally these deals are arranged prior to delivery of the commodity, so it is fixed by the soybean forward market until delivery of the corn. Then there may be a longer fixation period in which the percentage will be applied to the available price of soybeans.

Parameters
Delivery month

This is the date on which the corn will be delivered. It is usually March/April for early and July for late, but business can be done in any month that has negotiation.

Fixing percentage

This is the percentage of the soybean price that will be taken to make the fixing. Example: if the fixation rate is 54% and soybeans are worth USD$ 280/tt, the resulting value of the fixation is 54% * USD$ 280/tt = USD$ 151.2/tt. This value is calculated by dividing the corn price by the soybean price, but is normally discounted slightly more for structuring costs.

Fixing time

Normally these deals are arranged prior to delivery of the commodity, so it is fixed by the soybean forward market until delivery of the corn. Then there may be a longer fixation period in which the percentage will be applied to the available price of soybeans.

How is the price ratio determined and evaluated?

The price ratio is calculated by dividing the price of corn by the price of soybeans on the day of the transaction (although a certain value is usually deducted for transaction costs in setting up and monitoring the transaction).

In order to evaluate a proposal, the historical average of the relationship must be taken into account. To do this, the prices of recent years are consulted, adjusting the values to the current export duty scheme (it may happen that the duties that were in force at another time have been higher or lower, which influences the relationship). In this way, if the ratio is above the historical average, it is a good time to take it, and vice versa

How is the price ratio determined and evaluated?

The price ratio is calculated by dividing the price of corn by the price of soybeans on the day of the transaction (although a certain value is usually deducted for transaction costs in setting up and monitoring the transaction).

In order to evaluate a proposal, the historical average of the relationship must be taken into account. To do this, the prices of recent years are consulted, adjusting the values to the current export duty scheme (it may happen that the duties that were in force at another time have been higher or lower, which influences the relationship). In this way, if the ratio is above the historical average, it is a good time to take it, and vice versa

How is the price ratio determined and evaluated?

The price ratio is calculated by dividing the price of corn by the price of soybeans on the day of the transaction (although a certain value is usually deducted for transaction costs in setting up and monitoring the transaction).

In order to evaluate a proposal, the historical average of the relationship must be taken into account. To do this, the prices of recent years are consulted, adjusting the values to the current export duty scheme (it may happen that the duties that were in force at another time have been higher or lower, which influences the relationship). In this way, if the ratio is above the historical average, it is a good time to take it, and vice versa

Applications of this strategy
Hedge rents for fields where corn is planted but are agreed in quintals of soybeans.

In this case, there is a price risk as the income is linked to the value of corn and the rental costs are linked to the value of soybeans. If soybeans rise sharply and corn does not rise in the same proportion, more corn will have to be sold to cover the rent payment. By fixing a ratio of corn to soybeans, what we are doing is fixing the amount of tonnes of corn we will need to pay the agreed rents in soybeans. Let’s suppose we rent 1,000 ha paying 10 quintals of soybean per hectare, so we will have to deliver 100 tt of soybean at harvest for rent. But in that field we plant corn. In the following table we show assumed values for corn and soya and calculate how many kilos of corn we should deliver to pay the rent:

As you can see the amount of corn to be delivered to cover the rent is variable. It depends not only on the price of corn, but also on the price of soya. In the table we use slight variations, but they could be larger. Suppose now that we were to make a corn contract to be fixed for soybeans at 56%, to calculate the tonnes to be sold to cover the rental cost we would have to take as the corn price the result of the fixing. The fixation now corresponds to 56% of the value of soya, so when soya goes up, so does the resulting value of corn. As can be seen in the table, the amount of maize to be delivered for rent will now always be the same. This is because both the value of the maize and the value of the rent now depend on the price of soybean

Applications of this strategy
Hedge rents for fields where corn is planted but are agreed in quintals of soybeans.

In this case, there is a price risk as the income is linked to the value of corn and the rental costs are linked to the value of soybeans. If soybeans rise sharply and corn does not rise in the same proportion, more corn will have to be sold to cover the rent payment. By fixing a ratio of corn to soybeans, what we are doing is fixing the amount of tonnes of corn we will need to pay the agreed rents in soybeans. Let’s suppose we rent 1,000 ha paying 10 quintals of soybean per hectare, so we will have to deliver 100 tt of soybean at harvest for rent. But in that field we plant corn. In the following table we show assumed values for corn and soya and calculate how many kilos of corn we should deliver to pay the rent:

As you can see the amount of corn to be delivered to cover the rent is variable. It depends not only on the price of corn, but also on the price of soya. In the table we use slight variations, but they could be larger. Suppose now that we were to make a corn contract to be fixed for soybeans at 56%, to calculate the tonnes to be sold to cover the rental cost we would have to take as the corn price the result of the fixing. The fixation now corresponds to 56% of the value of soya, so when soya goes up, so does the resulting value of corn. As can be seen in the table, the amount of maize to be delivered for rent will now always be the same. This is because both the value of the maize and the value of the rent now depend on the price of soybean

To find out how much will have to be sold to cover the rent per hectare we can divide the agreed quintals of soybeans per hectare by the percentage

10 qq soja / 56% maíz/soja = 17,86 qq de maíz por ha

To find out how much will have to be sold to cover the rent per hectare we can divide the agreed quintals of soybeans per hectare by the percentage

10 qq soja / 56% maíz/soja = 17,86 qq de maíz por ha

Seek a differential value for corn by detecting that the current ratio is higher than normal.

Corn and soybean prices have communicating vessels. Firstly, they compete for area, so if one becomes very expensive in relation to the other, for example corn, producers will devote more area to it, the supply of corn will increase and then its price will tend to fall. That additional area will come out of less soybean area, whose production will fall. This would increase the price of soybeans in the future. Moreover, to a certain extent they are substitutes, as corn and soybean flour are used in animal feed. By analysing historical price data, the average level of the relationship between these two can be detected. It is important to adjust past quotations to the changes in export duties in recent years. Thus we arrive at the average ratio of the last few years:

  • 58% in the case of April corn / May soybeans.
  • 54% in the case of July corn / July soybeans.

If the July/July ratio is at 57% then it is logical to expect it to go down. Therefore taking the corn business to be fixed for soybeans, a profit will be made. It is important to note that this will generate a price premium for corn with respect to its future evolution, however, this is not restricted to a minimum value and does not fix the price of corn. If for example we take the ratio of corn to soybeans at 60% in March, with soybeans at 250 and corn at 150, the ratio could go down to 55%, but with falling markets. Example with a soybean at 230 and corn at 127. If the 60% ratio is set, corn will be charged at 138. This can be useful for stockpiles or cooperatives, whose profit arises from commissions and the differential between the buying and selling price, rather than from the price level taken by the prices.

Seek a differential value for corn by detecting that the current ratio is higher than normal.

Corn and soybean prices have communicating vessels. Firstly, they compete for area, so if one becomes very expensive in relation to the other, for example corn, producers will devote more area to it, the supply of corn will increase and then its price will tend to fall. That additional area will come out of less soybean area, whose production will fall. This would increase the price of soybeans in the future. Moreover, to a certain extent they are substitutes, as corn and soybean flour are used in animal feed. By analysing historical price data, the average level of the relationship between these two can be detected. It is important to adjust past quotations to the changes in export duties in recent years. Thus we arrive at the average ratio of the last few years:

  • 58% in the case of April corn / May soybeans.
  • 54% in the case of July corn / July soybeans.

If the July/July ratio is at 57% then it is logical to expect it to go down. Therefore taking the corn business to be fixed for soybeans, a profit will be made. It is important to note that this will generate a price premium for corn with respect to its future evolution, however, this is not restricted to a minimum value and does not fix the price of corn. If for example we take the ratio of corn to soybeans at 60% in March, with soybeans at 250 and corn at 150, the ratio could go down to 55%, but with falling markets. Example with a soybean at 230 and corn at 127. If the 60% ratio is set, corn will be charged at 138. This can be useful for stockpiles or cooperatives, whose profit arises from commissions and the differential between the buying and selling price, rather than from the price level taken by the prices.

Advantages

    • Allows to “transform” corn into soybeans, which is useful when renting fields where payment is in quintals of soybeans per hectare.

    • Allows fixing for a more volatile product.

    • It can generate a price premium for corn.

    • It allows fixing for a grain that has more hedging tools.

Disadvantages

    • It does not set prices or establish a minimum value.

    • If the soybean market were to suffer a sharp decline, it could impact corn prices.

    • If export duties are increased on soya and not on corn, or if duties are lowered for corn and not for soya, you will end up losing out.

Advantages

  • Allows to “transform” corn into soybeans, which is useful when renting fields where payment is in quintals of soybeans per hectare.
  • Allows fixing for a more volatile product.
  • It can generate a price premium for corn.
  • It allows fixing for a grain that has more hedging tools.

Disadvantages

  • It does not set prices or establish a minimum value.
  • If the soybean market were to suffer a sharp decline, it could impact corn prices.
  • If export duties are increased on soya and not on corn, or if duties are lowered for corn and not for soya, you will end up losing out.

Juan Esteban Morelli. Contacto para consultas y denuncias: RRP@fyo.com

Términos y condiciones

Términos y Condiciones Generales Política de Privacidad de Datos

El acceso al presente apartado y el envío de datos a través del formulario de contacto está sujeto a la aceptación de los Términos y Condiciones Generales que se establecen a continuación (en adelante “Términos y Condiciones”), junto con la Política de Privacidad.

El Usuario que complete el presente formulario, proporcionará datos personales a Futuros y Opciones.com SA (en adelante, “FYO”).
FYO, con domicilio legal en Carlos M. Della Paolera 261 Piso 9 de la Ciudad Autónoma de Buenos Aires, es la responsable de las Bases de Datos a las que se incorporarán los datos personales suministrados.

El compromiso con el debido cumplimiento a la protección de datos personales conforme lo dispuesto por la Ley 25.326 de PROTECCIÓN DE LOS DATOS PERSONALES, como así el respeto al derecho a la intimidad de las personas y el libre acceso a la información, son fundamentales para FYO por lo cual vela en dar acabado cumplimiento a los mismos, es por ello que en cumplimiento de las obligaciones impuestas por la Ley 25.326 de Protección de Datos Personales y normativa complementaria, FYO posee su bases de datos con información personal debidamente inscriptas en el registro administrado por la Agencia de Acceso a la Información Pública.

En Argentina LA AGENCIA DE ACCESO A LA INFORMACIÓN PÚBLICA, en su carácter de Órgano de Control de la Ley N° 25.326, tiene la atribución de atender las denuncias y reclamos que interpongan quienes resulten afectados en sus derechos por incumplimiento de las normas vigentes en materia de protección de datos personales.

En base a ello, FYO informa a los Usuarios acerca del tratamiento que dará de los datos personales que de manera libre y voluntaria completen y entreguen en el presente formulario.

Todo Usuario, al completar el presente formulario, está dando su consentimiento para la utilización de los datos personales por él brindados, de forma libre, expreso e informado de conformidad con lo dispuesto por el Art. 5 de la Ley 25326.

FYO utilizará los datos otorgados voluntariamente por los Usuarios, a los fines de crear una nómina de personas físicas y jurídicas interesadas en tener un vínculo comercial con FYO, y para la orientación de publicidad o pautas comerciales enfocadas en los intereses de los mismos.

Sin perjuicio de lo anterior, el presente formulario no podrá entenderse como una oferta de servicios, ni tampoco genera obligación alguna por parte de FYO en dicho marco, ni tampoco podrá interpretarse que entre el Usuario y FYO nace en virtud del mismo relación contractual alguna. El hecho de completar el formulario por los Usuarios no implica que los mismos serán contactados por un comercial de FYO, ni tampoco que serán clientes de dicha empresa, sino únicamente que podrán ser tenidos en cuenta a tales fines en caso de que FYO así lo considere.

Los Usuarios, al completar sus datos personales, autorizan a FYO a compartir dicha información con empresas controlantes, controladas y/o vinculadas a FYO.

En cuanto a la seguridad del uso de los datos, FYO adopta todas las medidas de seguridad lógica y física exigidas por las reglamentaciones, y las que resultan de la adecuada prudencia y diligencia en la protección de los datos que aportan los Usuarios, para proteger la información personal reunida contra el acceso no autorizado, alteración o destrucción, por lo cual FYO evalúa y mejora sus sistemas de seguridad toda vez que sea necesario.

El titular de los datos personales, tendrá derecho a solicitar y obtener información de sus datos personales incluidos en los bancos de datos en forma gratuita a intervalos no inferiores a seis meses, salvo que se acredite un interés legítimo al efecto (art 14 de la Ley 25.326).

Por su parte, el titular de los datos personales también tendrá derecho a disponer que sean rectificados, actualizados, o modificados si los datos personales son inexactos o incompletos y, cuando corresponda, suprimidos o sometidos a confidencialidad los datos personales de los que sea titular, que estén incluidos en un banco de datos. La supresión no procede cuando pudiese causar perjuicios a derechos o intereses legítimos de terceros, o cuando existiera una obligación legal de conservar los datos.

El titular podrá en cualquier momento solicitar el retiro o bloqueo, total o parcial, de su nombre de los bancos de datos a los que se refiere el art. 27 inc. 3 de la Ley 25.326 (archivos, registros, o bancos de datos con fines de publicidad).

El ejercicio de dichos derechos podrá ser materializado por todo Usuario a través de una comunicación dirigida a FYO al siguiente mail [contacto@fyo.com]que deberá contener y acompañar lo siguiente:

-Nombre del titular de datos personales, dirección de correo electrónico y domicilio para comunicar la respuesta a su solicitud.

-Todo documento que acredite la identidad o, en su caso, la representación legal del titular.

-La descripción clara y precisa de los datos personales respecto de los que se busca ejercer alguno de los derechos antes mencionados.

-Cualquier otro elemento o documento que facilite la localización de los datos personales.

En el caso de solicitudes de rectificación de datos personales, el titular deberá indicar, además de lo señalado en los puntos anteriores, las modificaciones a realizarse y aportar la documentación que sustente su petición.

Asimismo, FYO garantiza la gratuidad ante la solicitud formal de rectificación, actualización o supresión de datos personales inexactos o incompletos que obren en sus registros y/o base de datos conforme lo dispuesto en el art. 19 de la Ley 25.326 de Protección de los Datos Personales.

En caso de modificación de esta Política, FYO publicará tales cambios en esta sección, la página principal del Sitio, y otros lugares que sean considerados apropiados para notificar a los Usuarios sobre los mismos. FYO hace reserva del derecho a modificar esta Política en cualquier momento, a cuyo efecto los Usuarios deberán tomar conocimiento de la misma en forma regular.

Se considerará eficaz toda comunicación que consista en avisos y/o mensajes insertos en el sitio web de FYO www.fyo.com, o que se envíen durante la prestación de un servicio, que tengan por finalidad informar a los Usuarios sobre determinada circunstancia.

En el supuesto de surgir cualquier conflicto o discrepancia en la interpretación o aplicación de los presentes Términos y Condiciones y/o de la Política de Privacidad, los Juzgados y Tribunales que, en su caso, conocerán del asunto, serán los Tribunales competentes de la Ciudad Autónoma de Buenos Aires. Asimismo, se aplicará para todo lo referido al presente la ley argentina.

Emisiones Obligaciones Negociables

Emisiones Obligaciones Negociables

SERIE
DOCUMENTACIÓN
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Estados Contables Consolidados

Estados Contables Consolidados

FECHANOMBRE  
2021Consolidado 30/06/2021
2020Consolidado 30/06/2020
2019Consolidado 30/06/2019
CUIL / CUIT / N° DE REGISTRO PERSONAL IDÓNEONOMBRE/S Y APELLIDO/SDEL PERSONAL IDÓNEODOMICILIO ELECTRÓNICO
20242829817Alejandro Larosa fyocapital@fyo.com
20312902851Adolfo Mac fyocapital@fyo.com
20368333574Christian Garciandia fyocapital@fyo.com
20299740812Lucas Ghelfi fyocapital@fyo.com
23311161679Juan Esteban Morelli fyocapital@fyo.com
20351284677Guido Leonardo Dichiara fyocapital@fyo.com
20341344752Tomás Mascali fyocapital@fyo.com
20409919589Esteban Gabriel Lang fyocapital@fyo.com
20344248525Juan Manuel Baldomá fyocapital@fyo.com
20395050533Agustín Marcotegui fyocapital@fyo.com
23317872429 Franco Martín Vanzini fyocapital@fyo.com
ALyC y AN PROPIO – Matrícula CNV N° 295
ACyDI FCI- Matrícula CNV N° 114
ProductoComisión MáximaPeriodicidadVariables/FijosCondiciones en caso de ser variablesVigenciaForma de actualización
Futuros Agrícolas MatbaRofex (Soja - Maíz - Trigo -
Girasol - Cebada – Sorgo – Ganado – Leche)
0,25% + IVAPor operaciónVariablePrecio futuro x comisión x tamaño contrato (+ IVA)(*)(*)
Opciones Agrícolas MatbaRofex (Soja - Maíz - Trigo -
Girasol - Cebada - Sorgo)
USD 30 + IVA por contrato de 100 tons.Por operaciónFijoN/A(*)(*)
Bases Agrícolas MatbaRofex (Soja - Maíz - Trigo -
Girasol)
USD 20 + IVA por contratoPor operaciónFijoN/A(*)(*)
Futuros Agrícolas CME MatbaRofex (Soja Chicago -
Maíz Chicago)
0.25% + IVAPor operaciónVariablePrecio futuro x comisión x
tamaño contrato (+ IVA)
(*)(*)
Opciones Agrícolas CME MatbaRofex (Soja Chicago -
Maíz Chicago)
USD 1,5 + IVA
por contrato de 5
tons.
Por operaciónFijoN/A(*)(*)
Futuros Divisas MatbaRofex (Dólar - Yuan)0,25% + IVAPor operaciónVariablePrecio futuro x comisión x tamaño contrato (+ IVA)(*)(*)
Opciones Divisas MatbaRofex (Dólar - Yuan)USD 2 + IVA por
contrato
Por operaciónFijoN/A(*)(*)
Futuros Metales / Energía MatbaRofex (Oro -
Petróleo)
0,25% + IVAPor operaciónVariablePrecio futuro x comisión x
tamaño contrato (+ IVA)
(*)(*)
Opciones Metales / Energía MatbaRofex (Oro -
Petróleo)
USD 2 + IVA por
contrato
Por operaciónFijoN/A(*)(*)
Futuros Financieros MatbaRofex (Índices accionarios
– Acciones individuales - Títulos públicos)
0,25% + IVAPor operaciónVariablePrecio futuro x comisión x tamaño contrato (+ IVA)(*)(*)
Opciones Financieras MatbaRofex (Índices
accionarios – Acciones individuales - Títulos
públicos)
USD 2 + IVA por contratoPor operaciónFijoN/A(*)(*)
Futuros CBOT (Soja - Maíz - Trigo - Aceite de Soja -
Harina de Soja - otros)
USD 35 + IVA
por contrato
Por operaciónFijoN/A(*)(*)
Opciones CBOT (Soja - Maíz - Trigo - otros) USD 25 + IVA
por contrato
Por operaciónFijoN/A(*)(*)
ProductoComisión MáximaPeriodicidadVariables/FijosCondiciones en caso de ser variablesVigenciaForma de actualización
Acciones / Cedears 1,00% + IVAPor operaciónVariablePrecio acción x comisión (+ IVA)(*)(*)
Bonos1,00%Por operaciónVariablePrecio bono x comisión(*)(*)
Obligaciones Negociables1,00%Por operaciónVariablePrecio ON x comisión(*)(*)
Acciones Norteamericanas / ETF / ADR 0,50% + IVAPor operaciónVariablePrecio x comisión (+ IVA) (*)(*)
Renta Fija EEUU0,50% + IVA Por operaciónVariablePrecio x comisión (+ IVA) (*)(*)
Treasuries Bills0,10% + IVA Por operaciónVariablePrecio x comisión (+ IVA)(*)(*)
Caución Colocadora 1,50% anual +
IVA
Por operaciónVariable(Monto futuro x comisión /
365) x días restantes al
vencimiento (+ IVA)
(*)(*)
Caución Tomadora 4,50% anual +
IVA
Por operaciónVariable(Monto futuro x comisión /
365) x días restantes al
vencimiento (+ IVA)
(*)(*)
Compra Cheque Pago Diferido 1,00% anual +
IVA
Por operaciónVariable(Monto contado x comisión /
365) x días restantes al
vencimiento (+ IVA)
(*)(*)
Venta Cheque Pago Diferido1,50% anual +
IVA
Por operaciónVariable(Monto contado x comisión /
365) x días restantes al
vencimiento (+ IVA)
(*)(*)
Pagaré bursátil 1,20% anual +
IVA
Por operación Variable
(Monto contado x comisión /
365) x días restantes al
vencimiento (+ IVA)
(*)(*)
Colocaciones primarias FF / ON 1,00%Por operación Variable Monto contado x comisión(*)(*)
Colocaciones primarias soberanas1,00% anualPor operación Variable(Monto contado x comisión /
365) x días restantes al
vencimiento
(*)(*)
Opciones0,70% + IVA Por operación VariablePrima x comisión (+ IVA) (*)(*)
(*) Las presentes comisiones tendrán vigencia desde el 17/06/2021 (fecha de su actualización) y hasta tanto el
AGENTE no las modifique, previa notificación al COMITENTE al correo electrónico informado en la primera carilla
para notificaciones fehacientes, conforme lo establecido en el punto 8 del Convenio de Apertura de Cuenta
Comitente. Como así también el COMITENTE podrá visualizar la última versión de las comisiones en la página
Web del Agente: www.fyo.com