Foreign exchange earnings grow for the soybean dollar.
The soybean dollar set a new record and entered this Thursday $ 623 million. According to industry sources, 3.1 million tons of oilseeds have already been marketed since this system went into effect on Monday.
The possibility of producers selling soybeans between now and September 30 at $ 200 per dollar instead of $ 141 – which after the effect of withholding became $ 88 – paved the way for large cereal companies to pay $ 1,075 million between Monday. and Wednesday, according to the Industrial Chamber of Oil Producers of the Argentine Republic (CIARA).
With this high volume of transactions, the Central Bank has succeeded buy $ 426 million this Thursday and hoard 864 million dollars in the month to strengthen the net reserves, which so that’s about 1,500 million dollars, a jump of 50% in one week.
Economist Gustavo Ber pointed out that “the soybean dollar, together with external financing, it could help strengthen net reserves, a subject of concern for some time due to its negative dynamics. On the fiscal and monetary front, progress has been made, beyond the fact that an overall plan is still awaited to be able to aspire to a sustainable recovery of investor confidence ”.
Furthermore, the expectation that interest rates will rise in the next few hours contributes to improving the market sentiment, which renews the bet on pesos with the prospect that the possibilities of a sudden devaluation are receding.
In this context, the Central accelerated the rate of devaluation: the wholesaler increased by 35 cents and ended up in $ 141.15. So far this week it has advanced by $ 2.12.
“Traders are receiving signs of an acceleration of the pace with positive expectations crawling-pegand the new round of rate hikes that would be imminent, as together with the increased supply of foreign currency it could help regain reserves and generate a greater appetite – at least in the short term – around financial speculation on the interest rate“, underlined Ber, in reference to the operation of exploiting the calm of the dollar to switch to pesos and make the difference with the rise in rates.
In this session the blue dollar gave up four pesos and closed at $ 280while the MEP dollar ended at $ 273 and the contact with liqui in $ 283.
“There is a lot of money on the street and the blue dollar is very cheap”said the economist Salvador Di Stefano. “Although the government has raised the interest rate a lot, blue is still cheap. Add to this the fact that the economy is going black, and when that happens there aren’t many investment alternatives besides blue.”
Di Stéfano does not believe the version that circulated on Wednesday that indicated that part of the pesos of the soybean dollar had gone blue. “It’s white money that will go to the MEP dollar. But the MEP increase will start on Friday or Monday, because when the soybeans are sold, there is a five-day wait before the money is received.“.