The Central Bank ordered this Thursday that companies that have adopted the soybean dollar can access the MEP dollar. This is established in Communication “A” 7968.
During his tenure as Minister of Economy, Sergio Massa implemented 4 Export Increase Programs (PEI), better known as the soy dollar, which established a higher exchange rate with the aim of accelerating the liquidation.
Noting that this measure was generating pressure on financial dollars during the first soybean dollar (in September 2022), Miguel Pescethen president of the Central Bank, he prohibited companies from accessing that financial market.
“They take advantage of doing it now that financial dollars have little pressure,” acknowledged the economist from the Agricultural Foundation for the Development of Argentina (FADA). Davide Miazzo.
In any case, he stressed that this decision The dollar financial market is not expected to have much impact.
“There are not many unemployed pesos waiting to switch to the dollar. We are not in a period of strong flows until April and the most typical producer operation is to sell and position on inputs, or not to sell at all,” he said .
According to the analysis of the Grassi brokerage, as of February 7 (latest official data) 5.6 million of the expected 52 million tons of soybeans (11%) were sold. And only 700 thousand tons have a price. On the same date of the previous cycle, farmers had sold 16% of their production, which amounted to only 21 million tonnes, due to the severe drought that had hit the countryside.
The same thing happens in the case of corn. With a production forecast of 56.5 million tonnes, 10.8 million tonnes (19%) were marketed. And only 3 million of the total expected to be raised have a price. Last year, at the same date, they had sold 22% of the 34 million tonnes collected, also affected by drought.
“Even more so when you come from a system that sells dollars at a lower price than dollars you can dalletize. It’s better to stick with a dollar-linked asset like wheat,” he added.
In any case, dAnger is still latent in the countryside over the extension until June 30 of the law which makes credit more expensive for producers. who keep more than 5% of soy production in their fields.
Source: Clarin
