Soybean producers marketed almost 9 million tons, since on Monday, September 5, the Export Increase Programwhich implements an exchange rate of $200 per dollar for oilseed exports until next September 30.
According to figures from the Buenos Aires Cereals Exchange, 615,678 tons of soybeans were sold on Fridaywith which as of Monday 5 they total 8,839,095 tons on ten wheels.
The new purchase and sale contracts concluded in pesos on Friday and on previous dates but recorded on the last day of last week totaled 381,252 tons, and the average value of these businesses was $69,228 per unit of weight. On the other hand, the fixations of operations arranged prior to Wednesday for 107,558 tons were also highlighted, reaching an average value of $69,940.
In relation to the businesses agreed in dollars, the soybean sales contracts registered an average value of US$ 375.74 for a volume of 7,227 tons; while fixings for 10,419 tons were recorded at an average value of US$ 356.
The instrumentation of the so-called “soybean dollar” -which, in practice, eliminates the tax weight of export duties- allowed the acceleration of the entry of foreign currency by the agro-export sector that entered US$ 2,200 million in the first week and almost US$ 1,400 million in the second week of validity.
In this way, up to last Friday foreign exchange amounted to US$ 3,564 million, which exceeds half of the Government’s goal that stipulated some US$ 5,000 million when announcing the measure.
The income of dollars from sales abroad allowed the Central Bank (BCRA) to increase its net reserves by US$2.19 billion so far in September. At the same time, the increase in exports is also reflected in the movement in the ports.
Soybean export operations -based on the records of the San Lorenzo Customs delegation- recorded the entry of 4,860 trucks the week prior to the start of the program, while, between September 5 and 10, 8,873 cargo vehicles were shipped to the southern port area of Santa Fe, “which translates into an increase of more than 80%,” according to Customs.
Also, as he assured last Friday the Secretary of Transportation, Diego Giuliano, to Télam Radio, a was recorded “an increase of almost 67% in the movement of freight transport” in all the major ports of the country.
“The soybean liquidation has been very important, it has had a very positive response and this increased the load, increased logistics and also increased the arrival at ports, also fed by the railway, which gives rise to this different situation in Argentina. Giuliano said.
The Export Increase Program will run until September 30 and was agreed with the main export complexes.
Upon making the measure official, through Decree 576/2022, the Government considered that the increase in foreign currency income “would help alleviate the negative impact on local imports of the rise in fuel and energy prices that severely affects the availability reservations”.
With the higher income obtained from the exchange appreciation, the decree provided for the creation of the Export Increase Fund, which will receive a proportion of the collection obtained from the export rights of liquidated soybeans.
The same will finance “an extraordinary non-contributory monetary benefit and of national scope that ensures adequate food for people in situations of extreme vulnerability”, for which it will be taken into account if the beneficiary has “an unemployment benefit or social program”.
Also, as established in the standard, “programs that stimulate the production and development of small and medium producers and regional economies” will be financed.
