At the same time, with the US soybean campaign just beginning, the downward pressure from the proximity of the start of the harvest does not seem to be enough for US prices to catch up with Argentine prices. In this sense, so far in September, Argentine soybeans are more than US$14 cheaper than US soybeans. This number is unusual, considering that US prices are historically below Argentine prices for this time of year.
This also explains the good demand for Argentine soybeans abroad, which last week made multiple purchases that would continue in the coming days.
Thus, the most conservative projections anticipate that during this week at least 2.5 million tons would be marketed, which would represent $1.4 billion in revenue taking into account current FOB export prices of around US$578.
Reality shows that the measure was highly effective from its launch. ANDBetween September 5 and 15, coinciding with the validity of the Export Incentive Program (PIE) that allows exports of the soybean complex to be settled at an exchange rate of $200 during this month, final operations with soybeans were carried out for a total of 7.4 million tons. Of this total, 5.3 million tons correspond to new trading operations and 2.1 million tons to fixings.
Another key is that after the implementation of the Export Incentive Program, it was possible to strongly boost the realization of sales by producers. Between September 1 and 14, the conclusion of soybean trading operations 2021/22 advanced 4.4 million tons, according to preliminary estimates based on data from SIO-Granos. In relation to the estimated production, 64.9% of the total produced was marketed, already exceeding the average of the last three campaigns for this time of year (64.3%).
Meanwhile, according to official data, in the first week since the measure came into force, foreign sales of the soybean complex were declared for more than 2.8 million tons, the largest weekly volume since the campaign began. This also translates into income of US$2,344 million and the contribution to the treasury for withholdings now amounts to US$744 million.
Finally, as final data, until last week the agro-exporters had liquidated around US$3.5 billion in the local exchange market if exports of other products besides soybeans, such as corn, are also counted. Thus, if the trend continues before the end of September, the Government’s objective of entering US$5,000 million into the local exchange market will be achieved.
Source: Ambito
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