The Government seeks to accelerate the income of foreign currency in the coming months and not only capture the grain of the past cycle. The announcement would be made this Wednesday.
These are hours of definition for the economic team led by Sergio Massa. This Wednesday the official announcement would arrive with the details of the new agricultural dollar which will cover not only soybean sales but also regional economies. The truth is, As Ámbito was able to find out, the differential exchange rate that seeks to encourage sales of the oilseed will be in force for at least 45 days from the middle of April to the end of May, with the clear objective of adding the dollars of the new agricultural campaign and not only the remainder of the previous campaign.
According to official statistics, some 7 million tons of soybeans from last season, valued at more than US$4,500 million, remain to be sold. Grain that is in the power, to a large extent, of large producers or agricultural economic groups. That is why the Government proposes that the new differential exchange rate that would be around $300 per dollar would cover all of May, a key time window since during the fifth month of the year the soybean harvest of the new cycle is finished that comes so punished by the drought.
In general, the sector warns that if the new differential exchange rate for soybean sales lasts only through April, it will cover very little soybean from the new cycle and will end up being a direct transfer of the differential price to those large producers. that they have the adequate financial back to conserve the grain. On the opposite sidewalk are the small and medium-sized producers, hard hit by the drought who, with a clear incentive, would sell as much grain as possible in a campaign that is already known to leave very significant losses.
meanwhile and based on speculation of a possible announcement this week, the local grain market is practically paralyzed. In general terms, producers who have grain and those who are harvesting are awaiting the definitions of a measure that could lead soybeans to be worth more than $110,000 per ton at the local level. That is why the formal announcement by the Government would then arrive this Wednesday and the differential exchange rate would begin to apply next Monday the 10th.
Regarding the regional economies, it is practically ruled out that the new agricultural dollar for certain export activities will apply from May but for a period of 90 days. Here come the wine and fruit sectors, among others. In total, according to what the economic portfolio revealed, it seeks to accelerate the income of some US$15,000 million in the coming months. A measure that seems to have a certain logic in the midst of the need for the economy to have fresh dollars to accumulate reserves while also seeking to alleviate tensions in the local exchange market.
Finally, a not minor fact. Historically, presidential elections generate some noise in soybean marketing decisions by the producer. It is that farmers sell what is fair and necessary or accelerate sales, taking into account the electoral landscape and the political sign that leads the polls. That is why the economic team that leads Sergio Massa seeks to clear up any type of speculation with the counterpart of a differential dollar that results in fluid sales and a genuine foreign exchange income in the coming months.
Source: Ambito
