The grain market in Argentina remained paralysed this Thursday, pending the arrival of the new agricultural dollar – which includes soybeans and several regional economies – announced by the Minister of Economy, Sergio Massa, as part of his visit to the United States. AND This Friday the same trend continues.
As far as he could find out clarionthe soybean dollar would begin to rule this Monday and it would be for 30 days, that is, it would last the whole month of April. While the dollar for regional economies would be for 90 days and would apply once the government meets with the chambers of each sector that participates with this differential exchange rate, the value of which has not yet been disclosed.
In this context, the grain market in Rosario was paralysed waiting for it to start a higher exchange rate. This Thursday, according to Sio grains (electronic platform that reports the purchase, sale and exchange of cereals), transactions were carried out for 2,000 tons of Forward Mayo soybeans and about 156,000 tons of beans from a major company that had been trading for days , according to local operators reports.
And this Friday the blackboard of Rosario, soy started “unlisted”which means that those who form the price of the blackboard (buyers, intermediaries and sellers) they did not find sufficient turnover to signal a clear market price.
Basically, the farm dollar or the soybean dollar 3 points accelerate the sale of producers to swell the reserves of the Central Bank. It is still unmarketed since 2021-22 campaign about 7 million tons, 14% of the harvest which reached 43.3 million tons.
And shortly after the official start of the new soy marketing campaign (2022/23), eThe productive sector has committed the smallest volume of soybeans since the 2001/02 campaign, according to a report from the Rosario Stock Exchange.
4.8 million tons of beans were sold, just under half of what was sold in the last campaign on the same date. In terms of percentage of expected production, commercialization reaches 18%, compared to 24% last year.
The soy dollar had two versions so far. The first was in September, valued at $200 per dollar, which amassed sales of 13.4 million soybeans and entered at $8.1 billion. And the second release was in December and it racked up business of 6.4 million tons of e beans currencies for US$ 3,155 million.
The last value was $230 per dollar, so if inflation is taken for January, February and March (estimated at 7%), in the first quarter it would reach 20% and, therefore, The price of $3 of soybeans should be around $276.
This weekend should be very busy. clarion he was able to know that there will be meetings between the Undersecretary of Agriculture, Afip, Customs and the head of the cabinet. And representatives of the private sectors involved will be summoned.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.