The Central Bank sold $197 million and agriculture clearance is still very low

On a day of new exchange rate tensions after the political crisis on Tuesday triggered the resignation of presidential adviser Antonio Aracrethe Central Bank it sold for $197 million in the official foreign exchange market and exited the buying spree that began last week. The main reason was the low agricultural currency settlementdespite the validity of the soybean dollar at $300 for 8 days, with which Sergio Massa bets to stop the drain on reserves

During the round, $358 million was traded with income of $161 million, but traders have assured that the contribution of soy was nil. “There was no soybean III dollar revenue today, the BCRA had to sell $197 million, the second highest amount of the month. The BCRA red of the month is now in the order of $244 million and the annual is approximately $3,222 million,” said operator Gustavo Quintana, of PR Cambios.

In this way the Central Bank interrupted a streak of 7-wheelers it bought and returned to the levels recorded on the first day of the officialization of the 3-dollar soybean, when the BCRA sold 99 million dollars. The debacle prompted a tense 2-hour meeting at the Economy Ministry this afternoon. Sergio Massa’s officials were concerned and asked exporters to explain the currency drought of the last three days.

Entrepreneurs, including representatives of grain and oil companies (Ciara-CEC), pointed out marketing problems due to the rains of the last few days. According to the entity, the sector reported $1.5 billion in April, of which $1 billion is for the soybean dollar. “The Aracre effect has nothing to do with it, there is a strong buying position for the industry and a selling position for the producers,” Ciara-CEC sources said.

But the economic team directly linked the freeze on grain sales with rumors of Massa leaving and replacing him with Aracre. This situation triggered the surge in parallel dollars yesterday and the move of Alberto Fernández’s adviser. On Wednesday, however, market tensions continued, with the MEP climbing to $419 and the CCL to $434, up 2% and 2.7% respectively.

“The cereal companies have suspended the liquidation for Aracre’s proposal of devaluation and splitting of 60%, tomorrow it will recharge”, note sources in the Ministry of Economy. The expectation is that the foreign currency will revert to the soybean dollar tomorrow and Friday. During the meeting at the Palacio de Hacienda, Massa’s team was forthright: “The dollar at $300 is immovable no matter what happens in Argentina.”

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