Photo: JUAN JOSE GARCIA.
On September 5, the Export Incentive Program came into effect, which sets a temporary exchange rate of 200 pesos per dollar for overseas sales of the soybean complex until September 30. The above has resulted in an improvement in the price paid by exports and the export industry in the local market, accelerating soybean sales, according to a Rosario Stock Exchange report.
As recorded in SIO Granos between 05 and 14 September, a total of 6,790,600 tons were operated, of which 4.86 million correspond to new contracts, or new sales, and 1.93 to price-fixing operations. Overrides and fix overrides are excluded from the trade volume calculation and only “final” transactions are considered.
the largest volume is represented by price transactions carried out both in pesos and in dollars arranged on 5 September, with 4.27 million tons, for an average value of AR $ 69,630 or US $ 365, respectively. Transactions whose original sales contract was supposed to be concluded before 09/05 and which had been fixed in pesos since the start of the measure, meanwhile, have concluded an additional 1.66 million tonnes at an average value of AR $ 69.489.
Campaign 2021/22
Purchases of beans by industry and exports increased with the implementation of the new exchange rate and in that period amounted to 25 million tons.
Producers have already sold 59.2%, which represents a delay of 4.1 percentage points or 0.7 million tons less, compared to the average of the last three campaigns, being the lowest ratio at least since the 2003/04 cycle. .
“For the 2020/21 campaign, the ratio was 65.4% at this time of the year, while the average of the last three campaigns was 63.2%,” they explained from the BCR. If the average is reached, another 1.7 million tons of soybeans should already be marketed, which at the FOB value of the bean represents approximately $ 1,040 million.
Source: Clarin
