This Thursday the soy dollar reacted: in this wheel Thus, US$179 million was settledan amount that comes close to the $181 million that had flown in over the past three days.
Thus, so far in this new edition of the soybean dollar started on November 28 with a differential exchange rate of $230 has already contributed US$1,700 million.
The soybean dollar had been drilled earlier this week. Between Monday and Tuesday, it was about $60 million a day, and it was down to $50 million on Wednesday.
Market analysts have noted that behind this drop is the effect of drought which is making producers more cautious and Faced with the prospect that the next harvest will be bad, they prefer to save the old soybeans rather than liquidate them.
“Regarding soybeans, it has also been noted a greater presence of market operators, while the purchase proposals among local industries have adjusted with decreases compared to Wednesday”, reads a report from the Rosario Stock Exchange.
This time the Central Bank bought 157 million dollars. “It’s the largest one-day buy since the stimulus plan reopened on Nov. 28,” said trader Gustavo Quintana.
In this way, so far in 2 soybean dollar, Central purchases reach $660 million.
Soy Dollar 2’s goal is to reach a $3 billion deal by Dec. 31. $1.7 billion in revenue so far, but poor clearance early this week has raised questions about the feasibility of achieving that goal.
On the market they emphasize that to achieve the goal of reaching 3,000 million dollars, the daily settlement between now and the end of the year it should average $121 million a day.
If the settlement averaged $60 million a day, it would barely reach US$2,260 million at the end of the year. This is the scenario that is seen as the most probable within the sector. But they qualify that it is possible that exporters will still fulfill the commitment made with the government to reach 3,000 million dollars through financing lines in dollars that could enter the foreign exchange market. “But as a genuine sell, the feeling is that we haven’t gotten there. The goods are there, but the producers are very concerned about the weather situation“.
stable market
The blue dollar opened higher on Thursday, reaching $322, the highest price of the era of Minister Sergio Massa, but closed at $320the same level as Wednesday.
In the case of financial dollars, the MEP dollar, traded on the Buenos Aires stock exchange, fell by 0.8%, to $320while cash with liquidity, with which companies make dollars, rose by 0.7%, a $332.5.
Argentine bonds recovered today with gains of up to 3%, which allowed country risk to fall by 0.9%. 2221 basis points.
While in Buenos Aires the Merval was up 0.3%, Wall Street-listed Argentine stocks fell the most, with losses of 7.3%. as in the case of Globant.
AQ
Source: Clarin
