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Wednesday, October 5, 2022

Soybean Dollar: Government estimates forex liquidation will be 20 to 25% higher than expected

Juan Jose Bahlo.
Juan Jose Bahlo.

After speaking at the Argentine Soybean Chain Association (ACSOJA) annual symposium, which is taking place today at the Rosario Stock Exchange, Agriculture Secretary Juan Jose Bahillo said that the export enhancement program, which establishes a differential exchange rate of 200 per dollar as of September 30, “It has had more than satisfactory results.” Furthermore, he estimated that it could end with a 20 to 25% increase in the government’s original estimate of liquidation of $5,000 million of foreign currency.

“We set ourselves an estimated liquidation target of $5,000 million, which was already exceeded yesterday. I do not like to speculate, because the decision to sell, liquidate and set the price rests on the personal will of producers, companies and collectors. Depends, but if we do a linear calculation then we will exceed the initial calculation by 20 and 25%”, the official said in a press conference.

ayer leeThe Chamber of Oil Industry and Grain Exporters Center (CIARA-CEC) reported that from September 1 to 21, foreign exchange earnings reached a record high of over USD 5,130 million. Thus, the target of USD 5,000 million which was agreed by the Ministry of Economy with the private sector has already been exceeded. other thing, The Buenos Aires Grain Exchange reported that operations with soybeans reached 1,155,513 tonnes on Wednesday, and for the duration of the export enhancement program Manufacturers have already marketed 11,720,672 tonnes.

Bahlo also referred to the analysis that was done regarding the design of the settlements. In this regard, he explained: “With last Monday’s information, there were 7,500 CUITs, where there are companies, collectors and many producers that have liquidated. And when you look at the quantity that they have liquidated, There are 4,000 producers who sold or set a price for less than 100 tonnes, which tells us that many small and medium-sized producers have also entered the program, which was an objective.,

At another point in a conversation with reporters, Bahlo expressed that he disagrees with the measures the Central Bank has adopted in recent weeks, including companies dealing in soybean dollars to reach a variety of financial changes. Prohibition is also included for. In this regard, he explained: “The minister (Sergio Massa) quickly intervened and we exchanged some kind of conversation, and it was modified partly, but in an important way, which was natural or human.” Individuals were defined by the new Civil Code, to be able to access any market. When we estimate the number of liquidations, I think more than 52% can enter any market,

Acsoja President Luis Jubizarreta.
ACSOJA President Luis Jubizarreta.

The official also remarked that he received, as he requested, letters from the entities of the Contact Table expressing his disapproval and request for the abolition of the Central Bank circular through which the financing rate for soybean growers increased. happened. They have stored 95% of the crop. ,We are going to transfer the concern to the Central Bank. My responsibility is to communicate with the unit, establish a communication channel and bring proposals to explain its amendment.”, said the Agriculture Secretary.

soybean series

luis zubizaretaThe President of ACSOJA, in his inaugural address at the symposium, explained that “we are a chain that operates far below its potential in terms of production, Where we are 30% below crop record, and also from an industrial point of view, with idle capacity of about 50%. We believe it is along with the bad policies that have had anti-export bias and discrimination for the sector for over 50 years, that has eroded its competitiveness., All this has arisen with governments of different colors damaging all the links involved and also the main participant in the chain, which is the state. ,

The leader, faced with the described panorama and, as he explained, affects the economy of the entire country, requested a “change of course”, Which allows a production level of 70 million tons of soybeans to be reached, which will result in a strong impact on exports to provide the country with the dollars it needs, benefit GDP, increase tax collections and create real jobs. The owner of the soybean chain said, “That means everyone wins.”

agricultural union

The Secretary of Agriculture was part of the inauguration of the 108th Annual Congress of the Argentine Agricultural Association, which will conclude with the election of officials in Rosario, before speaking on the call made by the soybean chain. In the midst of an intense internship that the current owner of the unit will face, Carlos Achetoni, Inauguration work had to be postponed and Congress moved to an intermediary chamber due to the disruption of a group of producers who claimed to have participated in the vote.

Carlos Achetoni.
Carlos Achetoni.

As this media was able to know, they would not be eligible for the Electoral Act for not completing the relevant procedures to become representatives. The unit, a few days ago, reported in a statement that the delegates attending the Congress have been elected at county meetings held in the month of July. In Congress, the 27 regular directors and 27 alternate directors who make up the FAA central board of directors will be renewed.

From the events of this morning, the Federation said in a brief statement: “The break-in at the location where the FAA’s 108th Ordinary Annual Congress was being inaugurated interrupted its normal development and hearing of speeches from Governor Omar Perotti and the Secretary of Agriculture, Livestock and Fisheries. , Juan Jose Bahillo, the unit’s leadership arranged an intermediate chamber to continue the agenda after the situation was corrected,

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