This week The soybean dollar added $470 millionwhich in turn allowed the Central Bank to buy $361 million. Soybean settlement climbed towards the end of the week: it started with $67 million and this Friday contributed 107 million dollars.
Thus, so far in this new edition of the soybean dollar started on November 28 with a differential exchange rate of $230 US$1,824 million has already been settled.
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. But the trend has improved over the past two rounds, with $179 million on Thursday and $107 million this Friday.
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.
In this way, so far in 2 soybean dollar, Central purchases reach $715 million.
Soy Dollar 2’s goal is to reach a $3 billion deal by Dec. 31. So far, $1.824 million has been inflowed, but poor settlement early this week has raised questions about the feasibility of achieving this 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“.
The blue dollar has gone up
The blue dollar soared by one peso on Friday to $321, the highest price in Sergio Massa’s era as minister. During the week, casual had started with a four-peso drop that led to $312. From there it began to rise until it reached $321 today.
Even with this hike, the casual price is a far cry from the $350 it hit last July. And so far this year, it’s only up 55%, below inflation, which piles up 85.3% in eleven months.
In the case of financial dollars, the MEP dollar, traded on the Buenos Aires stock exchange, rose by 0.8%. $322.5while cash with liquidity, with which companies are dollarized, yields 0.1%, a $332.4.
Argentine bonds recover today with gains of up to 1%, which allows country risk to fall by 2.1%, 2175 basis points. It is the lowest level since June 13.
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Source: Clarin
