Another good news is that the week started on Tuesday, after Monday’s holiday, with a liquidation of agro-exporters of just over US$3.00 million. Thus, so far in August, the sector has contributed some US$1.7 billion. Although this figure is quite similar to that of the same period of the previous month, the Government is confident that the market will receive a large inflow of dollars in the coming days, thanks to the pre-financing of exports.
In any case, to tempt the cereal companies, the Central Bank extended the term to enter and liquidate the dollars for advances and pre-financing of exports. Communication 7570 provides that firms that settled more than US$100 million in the year have up to 180 days to do so, when before they had to settle them in the single foreign exchange market within 5 days.
While, what follows still without concrete progress is the so-called “soybean dollar”, a mechanism through which producers are allowed to sell up to 30% of their harvest and convert it to the value of the savings dollar until August 31. With two weeks in operation, this instrument did not achieve the desired objective, which was for producers to sell more soybeans. To date, it is estimated that some 22.7 million tons from last season, valued at around US$14,000 million, remain unsold.
As soon as Sergio Massa took office as Minister of Economy, it was expected that there would be substantial changes in this mechanism and even his Secretary of Agriculture, Juan José Bahillo, anticipated it. The truth is that this has not happened so far because in the sector they continue to show reluctance to accept any benefit that is not a reduction in withholdings, something that has been ruled out outright by the Government.
In this context, Bahillo, after Tuesday’s meeting with the Liaison Table, detailed in radio statements: “We need the producers to liquidate, the income of foreign currency is also needed to keep everything in the milling industry in activity and we have to work in a scenario in which to generate the conditions for them to liquidate”.
According to sources from the agricultural portfolio, work continues with the BCRA to simplify the “soybean dollar” and facilitate their access to agricultural producers who are willing to sell the soy that they still keep in their silos. It is because of that a relaunch of this mechanism is expected, with some specific improvements, but not a new incentive for the primary sector.
Source: Ambito
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