Soybean dollar: how much the producer will receive for the liquidation of his crop if he joins the government regime

The Central Bank of the Argentine Republic (BCRA) announced on Tuesday the implementation of the a special and temporary regime (until 31 August) for agricultural producers to accelerate the sale of the soybean crop and earn a huge amount of foreign exchange.

The market analyst Pablo Adrianicarried out an analysis of the impact of the official resolution on producers joining the scheme.

First, he said that producers joining the BCRA scheme can apply 30% of the volume of soybeans at the exchange rate known as the Country Dollar. The remaining 70% of soy can be invested in a freely available checking account immediately indexed to the official dollar. It acts as exchange insurance at no cost. Free availability operates like an official dollar-indexed savings account.

The dollar mixed with 30% of the country’s dollar and 70% of the official dollar equals one dollar from $ 149.33 / dollarAdriano said. A) Yes, In practice it acts as a 15% devaluation of the official dollar.

This was specified by the analyst Granario the price of soy would remain at $ 420 compared to the market price of USD 385 (as of July 26, 2022), which means an increase of USD 35.

The price of soy in pesos would be $ 57,492, an increase of $ 7,292 from the market price of $ 50,200.

Amid the tension on foreign exchange and the questions raised by the campaigns on the measure announced by the Central Bank to liquidate the soybean crop, the president of the monetary authority, Miguel Pesce, assured this Wednesday that the instrument is “convenient” for producers and announced that they expect to get $ 2.5 billion from exports.

“It is a convenient solution for them because we have expanded the possibility of building an external asset of producers at the exchange rate of the solidary dollar plus retention of profits, and with the rest of the pesos they can protect them until the moment they need to buy inputs”, he said. emphasized Fish.

refusal of the field

One of the first to take up the challenge was the president of the Argentine Rural Society, Nicola Pino, which was very critical of the official standard. “The first thing I say is that it is a measure without consent and that it does not fit in any sector of the economy. It gives us the impression that it is another type of change that seems very difficult to implement. In the next few hours we will meet with entity colleagues to assess the situation, “he said.

“It’s a new exchange rate within the variety of exchange rates we have”added in All News.

Carlos Achatoni, president of the Agrarian Federation, agreed that this is a complicated rule and said they are analyzing it. But it is very clear that what most affects the agricultural producer is the exchange rate gap and withholding taxes.

“The biggest attraction is 30% which can be converted into dollars for $ 240. The most favored will be the export sector,” assessed the ruralist.

Instead, the vice-president of the Argentine Rural Confederations, Gabriel of Raedemaeker, was more critical of the official resolution. “The government announcements to get producers to sell soy are designed for a financial speculation sector, not a manufacturing sector. They don’t understand anything or don’t even imagine what it means to produce, it’s such a bad picture,” he said.