Although it is true that the harvest was greater last year, the percentage comparison also shows a decrease: by July 2021, 40% of soybeans had a fixed price and that figure has now fallen to 30%. As of today there are some 4 thousand tons that are in the commercial circuit but the sales have not materialized. That is, the producers delivered to the exporter but with a “price to be fixed”.
In the Government they recognize that this could be sustained in part by the attractive credit conditions that were offered to the sector. According to official data that Ámbito was able to access, through the Productive Investment Financing line, since its creation, $2.49 trillion was granted at a negative real rate. Although not all of it was applied to soybeans, 14.3% of that universe was directed to the primary sector as a whole: some $357.5 billion.
Most of that money was disbursed through public banks and the effective rate was always well below what is usually offered. At some times it was between 30% and 35%, although some entities came to offer lines at 21%. With the successive rate hikes, today it is around 50%, with an annual inflation forecast by the different consultants that relieves the Central Bank of 90% for all of 2022.
Although this policy collaborated with the accelerated industrial recovery and the support of companies that had difficulties during the pandemic, there are those in the Government who believe that for that amount of “cheap” pesos, many producers had the opportunity to sell their products at a lower rate. production. At the same time, they point out that interesting tools were not offered where to dump those surplus weights.
“There are many factors that explain grain retention, but when there is a large gap, it is logical that the producer expects a devaluation. Now if they also lend you cheap money, you sell only what you need and when you are financed, you need less”, synthesized a renowned consultant from the sector to this medium.
As Ámbito learned, the debate in the Government is open. There are different positions, there are those who believe that the scheme must be sustained as it is, others bet on raising rates strongly to avoid speculation and there is also a sector that proposes excluding the field from this type of benefits. In any case, the joint venture depends on a more complex discussion that the economic team is now holding to speed up the liquidation of foreign exchange.
Source: Ambito
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