So far, just over 11 million tons of soybeans from the 2021/22 campaign remain in the silos and that is the grain that the Government seeks to capture. It would be more than US$6,000 million in foreign currency. The big question, before the implementation of the resolution that was published in the Official Gazette on Monday, was the response not only from the agro-exporters but from the primary producers who, ultimately, are the ones who today have grain to sell.
Within this framework, the Government made sure to tempt both actors in the agricultural sector. On the one hand, the cereal companies receive the new differential exchange rate of $230 for each dollar and, in turn, the producers receive a price that even exceeds what they had achieved with the September soybean dollar issue, when they received up to $75,000 per ton.
The fact of the matter is that those producers who still keep soybeans in their silos while the sowing of the new season progresses at a slow pace, as a result of the drought, are precisely those who have the greatest financial back.. In practice, small and medium-sized producers do not have a great capacity to store grain, since they sell to the extent that they need to finance themselves for the next campaign and their daily financial needs. That is why the price of the available merchandise, that is, soybeans with delivery, will be the key to follow in the coming days.
Meanwhile, from the agribusiness they are quite cautious and explain that the initial commitment to enter US$3,000 million in the local exchange market will be fulfilled, everything that exceeds that sum will then depend on the willingness to sell on the part of of the producers. The truth is that the return of the withholding differential in favor of those products with greater added value, such as oil and soybean meal, can be read as a return of favors from the economic team to ensure that many more dollars enter until the next December 30.
Bearing in mind that in December there will be two holidays, 8 and 9 that will be a tourist bridge, there are still 22 business days left for agro-exporters to enter foreign currency in the local exchange market under the soybean dollar regime. Thus, if the daily income is sustained, more than US$5,000 million could be liquidated, a figure that excites and fits the government like a glove in its need to calm the local exchange market and find a bridge of tranquility towards the next soybean harvest that will arrive only at the end of March.
Source: Ambito
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