(Photo by Juan MABROMATA / AFP)
This Monday the liaison table technicians met again with the government technicians, but for the moment there were no definitions on the new mechanism to encourage producers to liquidate the soybean crop.
according to know Rural trumpetIn the meeting, chaired by Delfo Buchaillot, Undersecretary of Agriculture, only the dollar soybeans, but no definition has been reached. But it was more a matter of consultations to build a new instrumentation than the one it currently governs.
The resolution of the Central Bank – which extends until the 31st of the current month – provided that when a producer sells soybeans he can, on the one hand, with 30% of the pesos obtained from this sale, acquire the so-called “solidarity dollar or savings ”and on the other, with 70% they can be deposited in a sight deposit which will be backed by a new non-transferable BCRA bill payable at the Communication Reference Change“ A ”3500 (these bills will be called LEDIV).
As Julio Calzada, director of information and economic studies of the Rosario Exchange explains, the advantage for the farmer who adheres to this modality it’s only 9% in the face of an exchange gap (what the producer receives in official dollar minus 33% of withholdings against the blue dollar).
According to the economist’s calculation, in the situation before the BCRA rule, if the producer sold a ton of soybeans and exchanged all pesos for financial dollars (MEP dollars), he could receive US $ 190.90 per tonne, taking the prices of soybeans and the MEP dollar on August 15.
And with the new regulations in place, the producer now buys the solidarity dollar, leaves 70% of the grain sale in the bank’s sight deposit for 90 days, and then turns that sight deposit (in pesos) into purchased dollars. market (logically within 90 days). Calzada hypothesizes that in those 90 days the official exchange that repays the bank’s sight account records a devaluation similar to that verified on the equity dollar.
“About 6 dollars are recovered (in today’s silver) as a refund of taxes for the purchase of the solidarity dollar (for this calculation we assume the hypothesis of a monthly inflation rate of 7% until June next year, when reimbursement is made by AFIP). In this case, the present value of the sales for the producer would be $ 207.9, “he explained. He added:” This implies that the producer could receive $ 17 more. “
delay in sales
According to the latest official data, purchases from exports and industries have reached 21.57 million tons, out of an estimated production of 44 million tons, which is equivalent to 49% of the grain produced.
If we take into account the marketing of the 2020/21 harvest, officially estimated at 46 million tons, the delay reaches 9 percentage points, since by the same date in 2021 the producers had sold 26.75 million tons, which indicates that the sales reached 58.15% of those produced.
Source: Clarin
