The so-called “soybean dollar”, a differential exchange rate of $200 per dollar only for September for the soybean complex, began to show results and reached, within 72 hours of validity, its first goals with foreign exchange earnings of US$1,075 million and daily sales of beans around one million tons.
The Chamber of the Oil Industry and of Cereal Exporters Center (Ciara-CEC) reported this Wednesday that in the first three days of decree 576/2022, the soybean complex entered US$1,075 million, which marks an overachievement of the US$1,000 million goal. established by the Minister of Economy, Sergio Massaon Sunday, when he announced the implementation of the Export Increase Program.
“72 hours after the start of decree 576/2022, the income of #currency totaled 1,075 million dollars, exceeding the goal set last Sunday,” Ciara-CEC said through her account on the social network Twitter, a message that was shared by Minister Massa.
In the same sense, the Secretary of Agriculture, Livestock and Fisheries expressed this Wednesday morning, John Joseph Bahillowho assured that “the soybean dollar exceeded expectations”, which is why he sees the income of US$ 5,000 million during September as surpassable, other of the objectives set by Massa.
? Producers sold 99% of the #wheat72% of #corn71% of #sunflower and 41% of #soy. In the current 2021-22 harvest, the pace of soybean sales in the first 7 months of the year is the lowest in recent years. pic.twitter.com/IehPX1qfHn
— Chamber of the Argentine Oil Industry (CIARA) (@CamaraAceites) September 7, 2022
“The field accompanies us with record sales and the soybean dollar exceeded our expectations. At this rate, we hope to exceed the US$ 5,000 million forecast”said Bahillo during a tour of the corn seed classification plant of the Association of Argentine Cooperatives (ACA) on the occasion of the start of the 2022/23 seed planting campaign.
In fact, official sources expressed this Tuesday that “US$ 5,000 million is a floor, we believe that this amount will be exceeded” because the producers “took it very well” to the program.
Sales in the local market grew exponentially compared to the average sold in previous weeks, with great interest from producers both for new business, as well as to set a price for merchandise already delivered.
According to the Rosario Stock Exchange (BCR), the soybean trading and fixing operations registered this Tuesday reached a volume of 1.34 million tons, with which they accumulated in the first days of the week a total of 2.13 million tons.
?@CamaraOils Y @exportcereals report that 72 hours after the start of decree 576/2022, the entry of #foreign exchange It added 1,075 million dollars, surpassing the objective established last Sunday.
— Chamber of the Argentine Oil Industry (CIARA) (@CamaraAceites) September 7, 2022
As highlighted by the BCR, the volume traded on Tuesday included both new sales contracts and settlements of operations arranged before Tuesday, and excluding cancellations.
“This figure is 68% higher than that of Monday, bringing the total number of registered soybean businesses to 2.13 million tons in just two days, since the Export Increase Program came into force,” said the stock market entity .
According to the SioGranos monitor, the electronic platform for information on grain trading and exchange operations and the publication of local market reference prices, until 6 pm this Wednesday, 347,000 tons of soybeans had been sold, both in chambers and in factories. .
Regarding the price, in Rosario the offers for the oilseed with immediate delivery and for the fixing of merchandise did not show changes compared to the day before, at $69,000 per ton, while for the unloading of soybeans agreed for October it was located at $68,500 per ton.
As for the Matba-Rofex forward market, the September contract gained 0.14% to US$345.5 a ton.
In the Chicago market, the September oilseed contract fell 1.56% (US$ 8.54) to US$ 538.94 a ton, while the November contract fell 1.09% ( US$ 5.60) to conclude the day at US$ 508.35 per ton.
The grounds for the decline lay in the advance of the North American harvest, the decrease in Chinese purchases and in the high sales of beans in Argentina.
“While the downward pressure of the US harvest is impacting on prices, soybean imports from China fell by 24.5% year-on-year, which shows a diminishing commercial dynamism, while deepening the losses,” the Stock Exchange explained. of Commerce of Rosario (BCR).
For its part, the grain broker Granar maintained that the declines were largely due to the high sales of soybeans so far this week in Argentina, hand in hand with an improvement of up to $200 in the exchange rate for soybean complex products.
Oil accompanied this trend with a drop in its price of 1.87% (US$26.90) to US$1,403.78 per ton, while flour gained 0.59% (US$2.87) to settle at US$ 480.71 per ton.
For the “soybean dollar”, operations for 2.13 million tons were completed in two dayshttps://t.co/tVW68bVxcr
—Telam Agency (@TelamAgency) September 7, 2022
