The Export Incentive Program, the mechanism known as the “soy dollar”, has already been used to the commercialization of more than 9 million tons of the oilseedaccording to official data.
Between the start of the program, on September 5, and yesterday, “a total of 8,485,544 tons of soybeans were operated, of which 5.7 million correspond to new contracts, and 2.4 to price fixing operations. Cancellations and fixation cancellations are excluded from the calculation of the volume of operations, and only “final” transactions are considered, according to the Rosario Stock Exchange (BCR). Today, according to official data accessed Infobae, 700,000 tons more were addedso that the accumulated sale has already exceeded 9 million tons throughout the month.
The BCRA table shows that “the two concepts that concentrate the largest volume are the purchase and sale operations at prices made in pesos arranged as of September 5, with 5.1 Mt, for an average value of $69,662/ t. The operations whose original sales contract to be fixed were concluded before 09/05 and which were fixed in pesos from the beginning of the measure, represent 2 million tons at an average value of $69,583/t”.
The sales corresponding to today occurred within the framework of the resolution taken yesterday by the Central Bank that ordered that the cereal companies, the collectors and other companies that have sold through the “soy dollar” they will not be able to buy access to the exchange market in any of the multiple variants that work in Argentina: neither through financial modalities (MEP dollar or “counted with liquidation”) nor the “solidarity dollar”. Not even through the purchase of foreign currency for “family help”. The rule came into force today and has no end date.
“Economic agents that have sold soybeans within the framework of the Export Increase Program they will not be able to access the foreign exchange market for purchases of foreign currency nor carry out operations with titles and securities with settlement in foreign currency”, the BCRA said in a brief statement issued yesterday. Subsequently, and Faced with complaints from agricultural entities and the Ministry of Economy itself, the BCRA issued a second rule in which it exempted individuals from the measure..
The BCRA’s decision generated a very negative reaction from the Economy Minister, Sergio Massa, due to the way in which the Central Bank implemented the new obstacles, with marches and countermarches in a few hours. However, as he learned Infobae From an unbeatable source, the minister agreed to apply some restriction that did not reach producers but would prevent companies from accessing cash with liquidation and the MEP after liquidating the soybean dollar.
The differences between the two officials are already dragging on and the minister is betting on gaining more and more space in the monetary organization. In this sense, according to the sources consulted, close to the head of the Palacio de Hacienda indicated that the Central Bank operated with “lack of information about what measure was agreed” with the sector.
“We are going to work, beyond the transitory noises that there are, so that this program continues to develop with the success that it had been having, where we were overly fulfilling the expectations that we had set at the beginning of the measure” (Juan José Bahillo)
Likewise, and beyond the short circuit with Pesce, they ratified that the plan will achieve its essential objective: that soybean exporters settle USD 5,000 million in the foreign exchange market before the end of the Program, on September 30.
Also, the Secretary of Agriculture, John Joseph Bahillo, gave his opinion on the restriction dictated by the BCRA in a press conference at the ministry’s headquarters. “We are going to work, beyond the transitory noises that there are, so that this program (soybean dollar) continues to develop with the success that it had been having, where we were overly fulfilling the expectations that we had set for ourselves at the beginning of the measure.. The minister (Sergio Massa) clearly spoke about the decision of the Central, and I did the same in the last few hours when stating what our position was.
And in that sense, Bahillo referred to the impact that all this could generate in the Government’s relationship with the production sector and agribusiness. “I don’t think this whole situation weakens our relationship with the field. I rescue that there is a good will of the productive sectors to establish a work agenda and work together with the authorities, beyond coincidences or dissent. Our vocation for dialogue and our responsibility to build public policies together with the sectors of private activity and work is inalienable and remains unchanged.”, said the official.