Agriculture Minister Luis Basterra stated that on Tuesday and Wednesday, the export sector liquidated a total of US$554 million, an amount it described as «very positive», as «we expect the appropriation of the measure to be more gradual.»
Let us remember that last Thursday the official, together with the Minister of Economy, Martín Guzmán, and the holder of the Portfolio of Productive Development, Matías Kulfas, announced a temporary reduction in the export rights of the sojero complex. The package of measures provided, inter alia, for a reduction of three percentage points in the grain aliquot to 30% in October, while in November it will be 31.5% and in December by 32%, to converge on the original 33% in January next year. For its part, the reduction in oils goes from 33% to 27% or 28% depending on the product in October, which will converge from 30% to 31% in January 2021, which meant the restoration of the differential between the export of raw grain and its by-products. A compensation and stimulus programme was also announced for small and medium-sized soybean producers active throughout the country.
«Welcome that producers and the agro-industrial system are delivering goods at this rate that will help us improve the external profile,» Basterra said, noting that «the temporary drop in withholdings suggests that in a stressful situation of non-worrying reserves, there will be a stimulus to enter the trading circuit of products that are now in physical stock» , he explained during an interview with Rosario’s Channel 5.
«The intention is that it is a short-term measure because we understand that today being shoes in grain responds to a presumption of a devaluatory hypothesis and what we are inducing is for producers to start taking instruments to move from a physical to a financial position,» Basterra said. , which was the launch of a bond tied to the dollar quote, called Link Dollar Bonus. «The success with which he started the Link Dollar Bond, with the first day with more than $1.7 billion taking as a value preservation tool, is an incentive for the producer to start experimenting with this instrument that in the future will give it a much more balanced level of certainty about managing its resources,» he said.
Finally, the official insisted that «the Government wants producers to do well» and considered that «the agricultural sector at the moment is virtually indebted and this makes it able to access the credit lines that are being offered for both machinery companies or the sale of vans, which is being record-breaking.»