The suspension of export taxes until October triggered the competitiveness of the Argentine soy and activated Chinese purchases for at least ten shipments, amid commercial tension with the United States.
China went shopping and He pointed directly to the Argentine soy. According to operators consulted by Reuters, Chinese buyers They reserved at least ten cargoes – and they could even reach fifteen – from 65,000 tons each, just hours after the government temporarily eliminated the retentions to exports of grains and by -products, including soybeans. The measure, which It will be in force until October or until reaching US $ 7,000 million in exports declaredhe returned more competitive to the Argentine merchandise in the global market.
Shipments, scheduled for November, were agreed at CNF prices with a premium between US $ 2,15 YU $ S2.30 by Bushel on the November soy contract at the Chicago Board of Trade (CBOT). “These agreements were closed last night, after Argentina’s decision on the export tax. It clearly means that China does not need American soybeans,” said one of the operators.
The news immediately hit the Asian markets: Dalian’s soybean flour futures fell 3.5% and those of soybean oil backed 3.8%, In a context of favorable crushing margins for the Chinese industry. For Johnny Xiang, founder of please Consulting, the movement is logical, but warns that its effect could be ephemeral, given that the policy of decrease in retentions will last a little over a month and the exportable offer of Argentina is limited.
MeanwhileUnited States farmers continue to lose billions of dollars in sales to China in full marketing season. The prolonged commercial tensions maintain the exports of the new American harvest, leaving the open path so that South America – with Brazil and now Argentina – gains participation in the largest importing market in the world.
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Argentine news
To calm the dollar, the government announced zero withholdings to all grains
The Government confirmed that Zero withholding for grains until October 31 return. Through a tweet from Manuel Adorni, the presidential spokesman gave the news that guarantees that the government will have an important offer of dollars and It will allow you to calm the volatility of the dollar. The decision reaches all cereals and oleaginous.
According to the text published in the Official Gazette, the initiative seeks to “create favorable conditions for foreign production and trade, strengthen macroeconomic stability and enhance the development of the productive sector in each region of the country.”
The decree establishes that those who export the products achieved must liquidate at least 90% of currencies obtained within three business days after the DJVE, either by charges, advances of liquidation or external financing.
In case of non -compliance, The exporter must pay the original aliquot in force before the publication of the decree and you will not be able to use the benefit again until your situation regularizes.
Source: Ambito
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