This is a measure announced by the Secretary of Agriculture, Juan Jose Bahilolast week publicly: the possibility of allocating 25% availability in the soybean export currencies to the grain purchase abroad until the end of the month.
The objective is to publish the implementation regulation in the Official Gazette this Tuesday in order to alleviate one of the effects of drought suffered by agriculture this year and maintain the levels of production.
And it is that the decision to allow them to dispose of part of the export dollars for the purchase of beans for planting abroad, in the country they choose, in order to be able to replant this year, it points to “sustaining the level of industrial activity in the soybean chain and maintaining employment and exports in the soybean sector”Bahilo explained in the announcement of this measure.
How is the measure for soybeans
Thus, the sector will be able to use 75% of the dollars to supply beans in the local market and the remaining 25% will be able to allocate it to buy abroad.
This is arranged in the framework of a difficult context for the soybean sectorwhich was greatly affected by the drought and which is having a hard time getting good quality beans for the next campaign due to the effect of a lousy year in terms of weather for the countryside.
A new price for soybeans
The economic consultant and agro expert Salvador Di Stefano explain to Ambit that “this implies a price of US$450 a ton or its equivalent to about $157,500″.
His calculations are explained as follows: by being able to liquidate 25% abroad and 75% in the official market, the current value of soybeans can be taken and a quarter of the total is calculated at the value of the dollar Cash With Liquidation (CCL) and the rest at official. “With these data, he built a price estimate based on current prices,” he details.
Possible effects on soybeans and dollar
It is a positive fact for the soy sectorbut, on the other hand, it warns that it will feed back the value of soybeans this month by repurchasing positions.
Also, you can have a positive effect on CCL price this month, since when dollars enter through that market, it could be an element that pushes that price down.
Source: Ambito
