Compared the first 10 months with last year, the cereal sector oilseed lost foreign sales values of US$17,539 million dollars (50%). According to the economist Salvador Vitelli, Its about “lowest amount settled since there are records if we compare the tenth month of each year. Even considering the differential scheme, we should go back to 2005 to see such low settlements in October.”
The foreign exchange income for the month of October is the result of the drought, which has generated losses in available stock of grains, as well as an electoral process that always conditions the grain market. The remaining grains from the coarse harvest will limit the operations of the port terminals and the soybean milling industry in the coming months.
He monthly foreign exchange income, transformed into pesos, is the mechanism that allows us to continue buying grains from producers at the best possible price. The currency settlement It is fundamentally related to the purchase of grains that will later be exported, either in their same state or as processed products, after industrial transformation, CIARA reported.
Most of the foreign exchange income in this sector It occurs well in advance of the export, an anticipation that is around 30 days in the case of the export of grains and reaches up to 90 days in the case of the export of oils and protein flours. This anticipation also depends on the time of the campaign and the grain in question, so there are no delays in the settlement of foreign currency.
In this sector, statistical comparisons between different periods are generally imprecise or inexact since the currency settlement is strongly influenced bythe commercial cycle of grains, which depends on various and changing exogenous factors such as international price fluctuations, reduction in supply, different volume and protein value of the crops, weather conditions, holidays, union force measures, regulatory modifications, tariff barriers and foreign tariffs, phytosanitary or quality requirements of other countries, etc.
The oilseed-cereal complex
He oilseed-cereal complex, including biodiesel and its derivatives, contributed 48% of Argentina’s total exports last year, according to INDEC data.
The country’s main export product is Soybean flour (14.2% of the total), which is an industrialized byproduct generated by this agroindustrial complex, which currently has a high idle capacity close to 50%. He second product The most exported last year, according to INDEC, was corn (11%) and the third was corn oil. soy (6.9%).
Source: Ambito
