Furore, doubts and criticism for the soybean dollar: the price of oilseeds has fallen again

The new special exchange rate for soybean exports makes its debut, generating a flurry of sales on the local market, but also showing some counter effects and raising doubts about the real beneficiaries of the measure. The first thing noticed was a sharp drop in the value of oil seeds. Since last Thursday, the September position has fallen from $ 380 per ton to $ 364 yesterday and again to $ 345 at today’s close in the Rosario futures market, while in Chicago the decline was much more contained, from 556 to 547. ton dollars.

Despite the drop in the dollar price, the perceived value in pesos showed a substantial improvement for producers, going from 52,000 pesos per ton to about 70,000, which generated the highest daily sales volume since February 2017. According to the Borsa del Rosario, between the new trading operations and the operations already carried out but with a price to be fixed yesterday were 796,000 tons of soybeans were registered, and today until the close of this note, according to the official SIOGranos monitor, another 226,000 had been sold. This morning the effect began to be seen on routes with more than 1,000 trucks entering the ports of Rosario25 percent more than last week.

In total, just over a million tons of soybeans worth $ 367 million were sold in these first two days of soybeans in the US dollar version, which implies a collection in terms of customs duties for the state. export of about 163 million dollars.

The explanation for the drop in the dollar price from exports is that it is expected a greater supply of beans in the local market, which has already been noted. “The prices of slate are those agreed upon between buyers and sellers, they are not defined by a theoretical calculation on a desk. Secondly, Chicago has dropped significantly and this has an impact around the world. The manufacturer makes the decision to sell. if it thinks fit “, they said, but doubts and suspicions abound in the production sector. “The situation that the wheat market has been going through in the last few hours cannot lend itself game of opportunists of all time at the expense of producers’ pockets, “Nicolás Pino, president of the Argentine Rural Society (SRA), said on Twitter.

More specifically, the producer from the Bragado area Augusto McCarthy: “Exporters are withholding money from producersthey are making an important difference because they know that there is an oversupply and they are taking advantage of it, it was one more measure for exporters than for producers, “he said. And José Moore, from Baradero, launched:” It is the new unexpected income of exporters ”.

With a quick calculation, one producer shows that only with the drop from 380 to 364 dollars per ton that was seen yesterday exporters saved $ 12.7 million in purchasing those 796,000 tons of soybeans.

Aside from this controversy, there are other concerns in manufacturers. One of them is at what exchange rate the agreed sales in dollars will be charged, or at what exchange rate the input exchange is taken. As indicated, there have been companies that yesterday claimed to take the soybean dollar for these operations but have retracted today. “Yesterday the operations were closed to fix TC at $ 200 / usd and today it was already closed yesterday, waiting:” Let me see “they say. Agriculture and producer via Twitter Santiago del Sol.

Many are also wondering about the exchange rate to be adopted to close the leases agreed in tons of soybeans.

Another incentive tool

Meanwhile, the Central Bank (BCRA) has today extended to all soybean producers who export their harvest the possibility of depositing the pesos they get from that sale in the so-called “chacareras accounts”, which pay daily interest equivalent to the rate adjustment in wholesale dollars exchange rate.

The measure was adopted through Communication A 7595, which allows producers to deposit the money from the soybean transaction on existing accounts but, to date, limited to 70% of soybean exports made in August, under the previous “70/30” incentive scheme expired on August 31st.

“This is a policy that offers greater benefits to producers who voluntarily join the Export Increase program. It allows them to have peace of mind that their deposit is worth the dollar, giving them greater peace of mind and foresight when it comes to liquidating soybeans. “, Jorge Solmi, Secretary of Institutional Relations of the Ministry of Agriculture, said in a Twitter message.