Added to this uncertainty is another key fact. As confirmed by Ámbito, neither the Argentine Agroindustrial Council (CAA) nor the agro-export companies were called by the Government to a dialogue table to seek some type of alternative to accelerate the sale of soybeans, which if they continue at their historical lows could have a rapid impact on foreign exchange settlement. Thus, for the time being, if any instrument is announced, it will be without the prior consensus of the sector itself.
Meanwhile, it was the Agriculture Minister himself, Julián Domínguez, who at a dinner that took place this week at the Rural Exhibition, stated that the Government will not advance with a drop in withholdings or a differential exchange rate for agriculture. In turn, from the Government they point out that these versions were “part of a speculation aimed at forcing the exchange market by restricting the supply of foreign currency.” “There will be no devaluation nor will there be a drop in withholdings. I am speaking on behalf of the President. In these guidelines, we ask the producers to settle based on the international prices that soybeans have,” the head of the agricultural portfolio clearly explained.
Official calculations show that until the second week of July, around 22.9 million tons of soybeans from the 2021/22 campaign, valued between US$12,000 and US$14,000 million, remained to be marketed. On the sidewalk across the street, from the primary sector they explain that oilseed sales are the refuge of value for the producer and that the grains will be sold according to their economic needs.. International prices were in favor of the Government and thanks to that, the liquidation of agro-export companies accumulated in the first half of the year the record of just over US$19.1 billion.
Strictly speaking, never before has the countryside contributed so much money to the economy, but the Government also had to face heavy payments for energy imports, in a context in which the IMF is also requesting an ambitious pattern of reserve accumulation. That is why the soybean deposited in the silos came to have a place of relevance for the Government in this second semester, in which, according to official calculations, an additional US$25,000 million should be liquidated.
In short, while various versions and statements from the Government come and go, producers wait to make sales decisions, in a rarefied and complicated climate because the rains do not come and that would also affect the next wheat harvest. A not at all beneficial cocktail for more dollars to enter the economy.
Source: Ambito
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