The “soybean dollar” ended far from official expectations and the Government defines a new exchange rate

The “soybean dollar” ended far from official expectations and the Government defines a new exchange rate
The “soybean dollar” ended far from official expectations and the Government defines a new exchange rate

On July 26, the Government announced the implementation of the regime known as “soy dollar”, whose validity formally ended this Wednesday. In the Executive, they sought that this scheme would serve to encourage agricultural producers to accelerate sales of the oilseed, but the numbers were not as expected. For this reason, the details are being finalized to specify an exchange rate of $200 for the field.

As this medium learned through sources from the Central Bank (BCRA), the tool implemented for soybean producers registered 369 operations for $3.36 billion. This does not mean that 369 producers have used it, since each one may have used the instrument on several occasions.

The use of the financial tool known as 70/30 would have intensified, after learning that last Thursday, at the last meeting of the month, the BCRA board had not extended the validity of the measure.

I also read: New dollar for the countryside: Massa negotiates an exchange rate of $200 for soybeans and more incentives for corn

As an example, from the monetary entity, they reported that “the peak was recorded on Friday, with 35 operations for almost $900 million, doubling what had been accumulated until that day.” “On Monday (48 operations) and Tuesday (83 operations) the use of the instrument was also enhanced. As was being recorded, the producers only bought foreign exchange for 25% of the possibility”, they added.

However, the use of the “soybean dollar” accelerated even more on the last day, when 131 operations were registered for $767 million and it is estimated that 35% of the operations and 22% of the amount of the operation on this occasion. Likewise, official calculations show that producers bought foreign currency for 25% of the available amount.

The Government is working on a new dollar for the countryside

As the journalist Marcelo Bonelli indicated in TNa new “soy dollar” scheme will be announced in the next few hours, with which the Minister of Economy Serge Massa bet on reinforce reserves of the Central Bank (BCRA) and try to stabilize the macro from a measure that conforms to the field. would be a exchange rate at $200 and permits to export more corn.

Read also: The Government analyzes paying a “soy dollar” of $200 to conform to the field and obtain foreign exchange

The new “dollar-soy” at $200 would imply that the producers receive $75,000 instead of the $52,000 that trades one ton of soybeans on the Argentine granary market. The intention is that it will be easier to implement than what was announced at the end of July by Miguel Pesce, head of the Central Bank (BCRA).

This measure is part of conversations that from the Executive and the Agroindustry neither confirm nor deny. All signs to that effect indicate that it is versions are taken as “possible”but it is very difficult to ensure that producers would sell the amount of grain desired by the Government.

The key is that it is attractive to producers who keep some 20 million tons, almost half of the last soybean harvestencouraged by this temporary measure (it would be only for September) that would imply an improvement of between 30% and 40% against the current $140 of the exchange rate currently calculated.

Regarding the corn, the additional quota that would be authorized would be for 4 million tons35% of the 14 million tons that remain to be marketed from the harvest that has just concluded, for a total of 53 million tons.

The article is in Spanish

Tags: soybean dollar ended official expectations Government defines exchange rate

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