According to the official statement from CIARA-CEC, the export of grains and oil industry products remains subject to a “moderate pace” of sales and price fixing.
The Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC), entities that represent the 48% of Argentine exportsannounced this Monday that during the month of August the Companies in the sector settled the sum of US$2.451 billion dollars; implying a 40% increase compared to the same month in 2023, as well as a 6% decrease compared to July 2024. If we compare the first eight months of this year with the previous year, the increase is 9.4%.
The inflow of foreign currency responds to the dollar blend, effective since December 2023, of international prices, the impact of climate and pests on the pace of corn and soybean harvesting and the relationship between input and grain costs. In addition, according to the official statement, the export of grains and oil industry products remains conditioned to a “moderate pace” of sales and fixings.
Dollars soybean field agrodolares.jpg
The monthly income of foreign currency, transformed into pesos, is the mechanism that allows continuing to purchase grains from producers at the best possible price.
“The settlement of foreign currency is fundamentally related to the purchase of grains that will then be exported, either in their same state or as processed products, after an industrial transformation. Most of the income of foreign currency in this sector occurs well in advance of the export, 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,” they explained.
The oilseed-cereal complex
He oilseed-cereal complex, including biodiesel and its derivatives, contributed in 2023, 50.1% of Argentina’s total exports, according to INDEC data.
The country’s main export product is soy flour (12% of the total), which is an industrialized by-product generated by this agro-industrial complex, which currently has a high idle capacity of close to 70%. The second most exported product last year, according to INDEC, was corn (11%) and the third was soybean oil (6.9%).
Source: Ambito
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