ANDn May the dollars from the soybean harvest began to enter strongly and that explains the record that was reached that month. During the rest of the year, the liquidation of foreign currency in this sector is expected to remain at high levels -mainly in June and July- driven by international prices of agricultural products.
Both business entities recalled that the total of the foreign currency entered monthly remains in the power of the Central Bank, and the exporters are given pesos at the official exchange rate to be able to carry out the operations of buying and selling grains in the national market.
“The monthly income of foreign currency, converted into pesos, is the mechanism that allows us to continue buying grains from producers at the best possible price,” they explained.
In a statement, CIARA-CEC indicated that grain exports have been affected “by sudden movements in the international market, by the existence of export volumes in corn and wheat regulated by the Ministry of Agriculture, as well as by a huge idle capacity of the soybean milling industry , which continues to work with negative margins even in the thick of the campaign”.
The oilseed-cereal complex, including biodiesel and its derivatives, contributed 48% of total Argentine exports last year, according to INDEC data.
The country’s main export product is soybean meal (14.2% of the total), which is an industrialized by-product generated by this agro-industrial complex, which currently has a high idle capacity, close to 50%.
The second most exported product last year, according to official statistics, was corn (11%) and the third was soybean oil (6.9%).
Source: Ambito
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