The income of foreign currency by the agro-export sector reached US$ 3,564 million in the first two weeks of the Export Increasing Program, and allowed the Central Bank (BCRA) to increase its reserves by US$ 2,100 million so far. September.
In this way, after ten sessions of validity of the differential exchange rate of $200 per dollar for the soybean complex only during September, the liquidation of foreign currency by the export sector has already exceeded half of what was stipulated for the entire month, whose established goal by the Government was US$ 5,000 million at the time of announcing the measure.
During the week, the settlement amounted to US$ 1,886 million, according to the PR Corredores de Cambio analyst, Gustavo Quintana.
Based on this inflow of foreign currency, market sources estimated that, since the beginning of the month, the monetary authority has already acquired around US$2.1 billion and has chained 9 consecutive days of strengthening international reserves.
Regarding the internal marketing of soybeans, the Buenos Aires Cereals Exchange (BCBA) reported, based on data provided to the SIO-Granos platform, that since the program was launched until Thursday, operations were accumulated for 8,396. 639 tons.
This figure is made up of 5,774,052 tons that correspond to operations that were arranged after the measure and 2,622,587 million to those operations that were operated after the measure, but were arranged before the start of it.
For its part, the Rosario Stock Exchange (BCR) estimated that the operations registered until Thursday reached a volume of 7.4 million tons, one million tons less than what was calculated by the Buenos Aires stock exchange entity.
The Rosario Stock Exchange explained that “the volume (accounted for) is focused on final transactions, so as not to duplicate the volume of soybeans marketed. That is, if a producer sells a lot to a store that the latter then sells for export, and If both transactions are counted, the total soybean traded would be counted twice”.
According to the BCR, “these (tons) reflect the operations carried out by industrialists and exporters of soybeans or, in other words, the end users of the grain.”
Of this total, 5.3 million tons correspond to new trading operations and 2.1 million tons to fixings, the report pointed out.
In addition, the bulk of the new purchase and sale operations with a fixed price were made at an average value of $69,673 per ton, while the price fixes for contracts concluded under this modality in the past were made at an average value of $69,567. the ton.
Taking into account the total soybean marketed, the BCR calculated that so far in the commercial campaign, 27.4 million tons have already been sold, which is equivalent to 64.9% of the 2021/22 production, “exceeding the average of the last 3 years and leaving behind the delay in sales that was observed in August”.
“As of August 31, the volume of soybean purchases by industrialists and exporters corresponding to the 2021/22 campaign amounted to 23 million tons, or 54.4% of the total estimated production. In relation to the average sales of the last 3 years as a proportion of production, which amounted to 62.3%, the marketing of the campaign was 7.9 points below,” the entity detailed.
This advance in marketing has its counterpart in exports. For example, in the first week of the Program, sales abroad of the soybean complex were declared for more than 2.8 million tons, the largest weekly volume since the campaign began.
Based on the volume of foreign sales declared since September 5, the day on which the differential exchange time began to be implemented, to date and considering the official FOB prices, the value of sales declared abroad since that moment in September amounts to to US$ 2,344 million, and the contribution in concept of export rights to the National State to US$ 774 million.
