In the second edition of Export enhancement program (PIE) which closes next Friday, December 30 and offered a dollar value differential of $230 for soybean and derivatives deals, agri-exporters have already cleared $3.6 billion, more than the $3.000 target they had been set by the national government for the entire period.
Between 28 November and 23 December, soybean purchases by the agro-industry amounted to 5 million tons at a price he achieved $100,000 per ton this week and closed Thursday at $98,000 per ton.
So far in December, The entire grain-soybean complex entered for USD 3,654 millionof which, USD 2,400 corresponds to soybeans alone.
“Exceeded $3,000 million in revenue from the oily grain complex by subtracting one week of business. Even though the month had fewer working days, the soy market has reacted and it shows once again If they give you low exchange conditions or withholdings, you can react and become one of the engines of the Argentine economy”, expressed Gustavo Idígoras, president of CIARA-CEC, the Chamber of Cereal Exporters and the Oil Industry.
“This temporary measure (PIE) proves it to all Argentine politics work needs to be done to reduce the high tax burden definitively for the soy supply chain, as well as in the unification of the exchange rate”, he remarked.
During the validity of the first edition of the PIE, in September, 13.3 million tons of cereals and derivatives were sold and the Gate 12 sales effect brought the market price of the oilseed below its parity value, generating a loss for producers.
However, a few days after the end of its second phase, the Soybean Dollar II saw less fluid sales and did not produce the same effect, as the market price remained level throughout December.
Source: Clarin
