Projections indicate that November would close with an income of around US $ 2 billion, but taking into account that there are only seven business days left to close the month, that figure seems quite unlikely to reach, although everything has not yet been said. The result of the wheat harvest and the dollars generated from cereal exports will be key for the remainder of the year.
At this point in particular, international prices and the high yields that the harvest has been showing are two points in favor of the Argentine economy. Wheat is trading at its highest value in nine years, above US $ 300 per ton, while the harvesters advance in the core zone, yielding good yields per hectare, so the estimated production could be around 20 million tons. . In this way, the projections indicate that the cereal could contribute between US $ 3,600 and US $ 4,000 million to the Argentine economy, but the highest income would be concentrated in next December.
In this context, from the economic consultancy Equilibra they warn: “Although the last two months the offer of agro currencies will be well above that of a year ago, we estimate that it will fall about US $ 720 million compared to the very good records of the previous two-month period. This means that we should see less demand in the official market so that exchange rate tension does not increase ”.
Meanwhile, although the volumes to be exported in December will be slightly above those of the same month of the previous year, prices will continue to be favorable and therefore, the consulting firm projects an income of another US $ 2 billion for the last month of the year.
Meanwhile, another point to keep in mind is that this 2021 is breaking all records when it comes to the income of dollars from the field. As detailed by the Buenos Aires Cereal Exchange, given the high rate recorded throughout the year, the accumulated settlement to October reaches US $ 28.1 billion, a record that exceeds the record of 2020 by 67% and by 26% to the second all-time high of 2011.
If this dynamic continues over the next few months, the year would close with an inflow of foreign currency of around US $ 32,500 million, a record value that could also be reflected again next year thanks to sustained international prices. Dollars that will be fundamental for the Argentine economy, always so in need of fresh foreign exchange.
Source From: Ambito
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