Although some adjustments are missing, the “3 soy dollar” mechanism slowly start walking. This Wednesday they entered the market the first 10 million dollars from agriculture bought at $300, half wheel. Grain exporters had cleared about $26 million on Tuesday, but outside the export stimulus program.
While in the official market the exporters finish defining the details in order to decide whether to place their dollars within this program, in the parallel market the price of the dollar is heating up. On the streets, the blue rose to $396, two pesos above the previous close and just $1 below its all-time high of $397, set on March 29. The currency bounced $5 in just two rounds.
Meanwhile, financial dollars also rose, after the National Securities Commission (CNV) this week introduced new changes to the “parking” for the purchase of bonds linked to the functioning of the calculated with the liquidation. This price goes up by 0.4% and exceeds $400 again; while the MEP dollar or the stock market advances 0.5% and reaches $389.05.
After Central managed to overcome an almost month-long losing streak on Tuesday, there is expectation in the market for a greater supply of dollars that can help you recover positions.
Financial analyst Salvador Vitelli specializing in agribusiness commented that the conference was very similar to the one held on Monday. “Except for very specific events in the futures market, the soy dollar was conspicuous by its absence. Not a single dollar settled at $300 and once again export was absent in the market. We have seen a fairly paralyzed wheel, where the reference prices were lacking”.
“Some explanatory notes have been introduced, like that one the weighting of dollar contracts will be included“, said Vitelli, who stressed that exporters want to have “all the key points well defined. There is a sunflower theme, that there are a lot of questions about whether or not it will go into the farm dollar. That’s why we are very cautious. The central bank has been able to buy, but we understand it will be able to make richer purchases if the whole farm dollar system kicks in.”
This was announced by central sources This Thursday the institution’s Board of Directors will approve a regulation which allows you to enter the pre-financing e do not liquidate them for 180 dayssomething that was in effect in the previous two versions of the soy dollar but was not used.
Source: Clarin
