Due to the low volume of business and the controversies generated by the exchange rate used in the operation of futures contracts, the Buenos Aires Grain Exchange has announced that starting today it will publish a reference value, called “Exporting Dollar”, in “in order to achieve transparency and clarity.”
This reference pageIt could be used to conclude new futures contracts for grains and/or oilseeds..
The export increase program has been in place since December and is in effect to this day. This program covers all products with the common nomenclature of Mercosur (NCM) and defines a modification with a special settlement scheme between the official value of the dollar and “cash with liquid” (CCL).
According to data from the Rosario Stock Exchange, in the first month of the year, taking into account industrial purchases and exports, 2.3 million tonnes of corn were recorded in the new campaign, slightly below the last 7 campaigns, and 1.6 million tons of soybeans, 25% less than last year.
In the meantime, the Matba Rofex Group began to disseminate this Wednesday the new Export Dollar Index which reflects the exchange rate used for the settlement of sales operations abroad, according to the Export Increase Programme, and whose value for the yesterday it was 916.20 pesos.
The entity reported that the index is at indicator that can serve as a reference for the correct formation of prices of agricultural businesses. It represents the weighted average of the BNA Buyer Dollar and the CCL Matba Rofex index for the day of calculation, based on current legislation, and will have historical data from December 13, 2023, the date of entry into force of the current scheme.
“The Matba Rofex Export Dollar index is useful for the entire economy and reinforces the value of the transparency generated by the markets,” underlined Andrés Ponte, president of Matba Rofex.
As indicated in the statement, the new index is constructed based on two sources: BNA Buyer Dollar, which is the reference exchange rate used for grain transactions. and the Matba Rofex CCL Index, a financial indicator prepared by Matba Rofex in accordance with the IOSCO Principles for Financial Benchmarks, which aims to reflect the value of the settled cash dollar. It started publishing in February 2020 and has 4 years of history, resulting in a set of transparent and robust prices for grain trading.
Its reference value can be consulted every day on the Matba Rofex institutional website, starting from 4.15 pm, and it has been clarified that the cThe futures contracts opened on Matba Rofex will not undergo any changes.
However, the market is working on launching a new operation that has deals associated with the export dollar index.
Source: Clarin
