The first week of validity Export Increase Programwhich establishes a differential exchange rate of $200 per dollar for the soybean complex for September only, closed with figures that exceeded expectations, reaching operations for 4.3 million tons and foreign exchange liquidation by the export sector of US$ 2,200 million.
This was stated by the president of the Chamber of the Oil Industry and the Cereal Exporters Center (Ciara-CEC), Gustavo Idígoras, in dialogue with Télam.
In this sense, the business leader remarked that “the first week of the launch of decree 576 has been quite positive. Producers have sold a volume of more than four million tons. This means that over five days the volume sold by producers doubled for the entire month of August.”
“Producers have sold a volume of more than four million tons. This means that over five days the volume sold by producers in the entire month of August doubled”Gustavo Idigoras
This is why Idígoras considered that “the market reactions were favorable, with interested producers, collectors, brokers and cooperatives very active.”
The days where soybean marketing peaks occurred were Tuesday and Wednesdaywhen business was carried out for 1,336,570 and 1,009,427, respectively, between new contracts and fixations.
This was reflected in the level of foreign currency settlements in the export sector, which in the first 72 hours of the program exceeded the first goal of achieving US$1 billion in income in three days, proposed by the Minister of the Economy, Sergio Massa, in the time of announcing the measure last Sunday.
In fact, as reported by Ciara-CEC, the total amount settled reached US$ 1,075 million.
This is also why the port terminals of Gran Rosario and the south of the province of Buenos Aires began to show greater activity.
According to Idígoras, “the ports are beginning to receive a greater flow of trucks. In fact, the number of trucks expected for this weekend exceeds the sum of all the weekends in August.”
The economist of the Bahía Blanca Cereals and Products Exchange (BCP), Carolina Volonté, also agreed on this aspect, who assured that in the area of influence of the stock market entity, although it is not a large producing region “There was a lot of interest in the market.”
“During the Program, the operations with delivery place in Bahía Blanca exceeded 264,000 tons, well above the 657 tons negotiated in all of August. We can also add an active shipment program from our port, with 170,000 tons for the next 15 days,” Volonté explained to Télam.
“The ports are beginning to receive a greater flow of trucks. In fact, the number of trucks expected for this weekend exceeds the sum of all the weekends in August”Gustavo Idigoras
For its part, the Rosario Stock Exchange (BCR) proposed different scenarios that could occur during September in regard to the marketing of merchandise and exports.
The entity estimated that During the 30 days that the month lasts, industry and exports could be made with 3.7 to 6.1 million tons of soybeans from “new” businesses, for which reason pricing of merchandise purchased before the measure comes into force is excluded from these projections.
Considering this range, exports of the complex could reach US$ 3,390 millionwith a floor of US$ 2,055 million, while the collection of export duties would be located in a range of US$ 673.5 to US$ 1,110 million.
Regarding foreign exchange settlement, The Government intends the income of US $ 5,000 million during Septemberamount that as the days go by it becomes more possible.
As for the liquidation of foreign exchange, the Government intends the income of US$ 5,000 million during September, an amount that becomes more possible as the days go by.
“It is very feasible and achievable to reach US$ 5,000 million, because the liquidation of the entire cereal-oilseed sector is due, so it is fully feasible and will be achieved,” said Idígoras, although he said that “this progression in volumes sold is It’s going to slow down a bit, but it’s going to be a very good month compared to previous months”.
For his part, Volonté considered that “if the liquidations continue in this way, the government would reach its objective in the short term, generating doubts about the possibility of this program continuing beyond September, although some distortions that occurred must be mentioned. during the week and that made noise in the market. That is why the Ministry of Agriculture came out to make some clarifications,” he concluded.
