The recipe would be practically the same that the now former Minister of Agriculture, Julián Domínguez, had been carrying out, but lWhat Massa is looking for is to bring positions closer together and obtain the approval of ruralism regarding a possible relaxation of the so-called soybean dollar, which up to now has not undergone any changes but has not had an impact on the sector’s operations either.
YoEven last week, producers sold just 250,000 tons of soybeans, showing a drop of more than 40% compared to the previous week. Economic uncertainty and the widening of the gap between the wholesale dollar and the financial ones discouraged soybean sales in recent months. The system established by the BCRA came to solve part of this scenario, but the truth is that the farmers say that the mechanism is inconvenient because it establishes that after operating 30% of the sale at the value of the savings dollar, they will not be able to buy the dollar. MEP for 90 consecutive days.
According to reports, this rule can be modified by the BCRA, but first Massa will seek the consensus of the Liaison Table. Another alternative that has been considered in recent weeks is that 40% can be converted to the value of the savings dollar and the remaining 60% deposited in a sight account adjusted to the linked dollar.
Either way, the government knows it needs more dollars than are coming in. Until the middle of this week, the agro-export sector had settled around US$1.2 billion in the local exchange market, a figure very similar to that of the same period of the previous month, but less than what it had to pay for energy imports. which has already exceeded US$1.3 billion.
The necessary foreign currency would come from the countryside, because the producers still have in their possession 21.7 million tons of soybeans valued at around US$14,000 million, in a context in which the oilseed remains at firm values. This Thursday the August contract closed above US$620 a ton in the Chicago market. Meanwhile, the agro-exporters, through the pre-financing of exports, would pour an additional US$1,000 million in the liquidation of foreign currency in the coming weeks, and the fishing sector another US$300. The key factor, so that August closes with a liquidation of over US$4,000 million, as the Government intends, is that soybean sales are unlocked and that is why Massa plays his cards to have the Table of Link.
Source: Ambito
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