40 million tons of soybeans, including beans and by-products, would be exported.
Although the Central Bank does not grant a special exchange rate for soybean producers, it does offer it a mechanism for them to buy dollars at a cheaper price compared to what they can get by exchanging the MEP dollar or the liquidated cash dollar.
Therefore, by buying with 30% of the pesos that regulate the “dollar savings” (yesterday at $ 226) and with the other 70% of dollars at the MEP value ($ 325), the manufacturer gets an exchange rate or soybean dollar a little cheaper.
The closing accounts of the market gave this result, taking that the ton of soy was paid to Rosario $ 49,650 (after withholding), the savings dollar was $ 226 and the MEP dollar $ 325.
With 30% of the $ 49,650 ($ 14,895) you can buy $ 66 savings.
With the remaining 70% ($ 34,755) you can buy 107 dollars to the MEP.
In total, the soy producer who accepted the BCRA proposal was able to purchase $ 173 at an average price of $ 286an exchange rate 12% cheaper than the MEP dollar since yesterday.
If he had applied all the pesos obtained from the sale of the ton of soybeans to buy the MEP dollar, would have bought $ 152 to $ 325.
In other words, thanks to the soybean dollar, it bought 13.8% more dollars. This is the improvement offered by the BCRA to soy producers.
The report of a consultant Pablo Adriani he says this thanks to the circular from the Central Bank the soybean price would remain at 420 u $ s / ton compared to the market price of $ 385 / ton before the BCRA resolution. An increase of 35 u $ s / ton.
For its part, the Córdoba Stock Exchange indicated that until the day before the announcement of the BCRA, the price received by the producer as a percentage of the international price reached 27.1%, the lowest value in the last 20 years. In 2002, before the debut of the withholdings, at that time 20%, caught the 96%. In 2020, before the gap started to widen, they captured 70% of the international price. The difference, of course, are the withholdings. Now, in addition, the exchange gap of 160% between the official dollar and that of the stock market is added.
With this new provision, for the sale of soybeans and applying the withholdings remained unchanged, if the scheme were applied as announced, the producer would go from having an immediate improvement of just 4 percentage points compared to the current price, going to receive a 31.2% of the export price.
“Every economic agent’s decision on how and when to sell the fruit of their business requires clear incentives that will have a profitable value. In the case of an activity such as agriculture, which faces costs that evolve with the value of the dollar, the strong dissociation of its selling price from the market value constitutes a disincentive to sell, which requires magnitude corrections if it aspires to change behavior significantly.
The report states that “on the part of producers, the delay in the value of the official dollar and the large volume of withholding taxes on exports generate the attraction of withholding cereals as a means of deferring the liquidation of the foreign currency as a hedge. against the depreciation of the peso and inflation.
Source: Clarin
