The objective of the program stated by the Economy Minister Sergio Massais that, during the validity of the ‘soybean dollar’ In all of September, external sales of US$5,000 million are reached. The objective for the first 72 hours was to reach US$1,000 million, it was achieved, as announced by the business chambers of the sector.
The president of the Chamber of the Oil Industry and the Cereal Exporters Center (CIARA-CEC), Gustavo Idígoraspointed out in dialogue with Télam that “the first week of the launch of decree 576 has been quite positive. Producers have sold a volume of more than 4 million tons. This means that over five days the volume sold doubled by producers throughout the month of August”.
Idígoras also remarked that “market reactions were favorable” and detailed that the days where soybean trading peaks occurred were Tuesday and Wednesday, when operations were carried out for US$1,36,570 and US$1,009,427, respectively.
Another measure that the Government took, to insist on the liquidation of grains, was to set a minimum financing rate around 120% for farmers who keep more than 5% of the harvested soybeans.
Although the ‘soybean dollar’ reported results quickly, the sector’s reaction was not uniform: while agro-exporters celebrated producers of other grains or with non-exporting structures repudiated the decision.
Another of the objectives set by Massa was the accumulation of reserves: The Central Bank bought US$426 million on the foreign exchange market on Friday and thus accumulated US$860 million in three days.
Source: Ambito
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