The Secretary of Agriculture Juan José Bahillo confirmed today that the Export Increase Program, which establishes a differential exchange rate of $200 per dollar, will end on September 30 and assured that the result exceeds expectations, at the same time that he announced that new measures are foreseen for regional economies and for small and medium producers. The measure – in reference to the soybean dollar – ends on September 30, that is defined,” Bahillo said at a press conference, while stressing that the “balance is positive” since “the expectation was US $ 5,000 million and we have already exceeded that amount.” We had set ourselves an estimated settlement target of $5 billion, which was already exceeded yesterday. I do not like to make projections, because the individual will of producers, companies and collectors depends on the decision to sell, liquidate and set prices, but if we make a linear calculation we will be exceeding by 20 and 25% the initial calculations, “said the Secretary of Agriculture.Yesterday the Chamber of the Oil Industry and the Cereal Exporter Center (CIARA-CEC) reported that from September 1 to 21 the income of foreign currency reached a record level above USD 5.13 billion, exceeding what was agreed.
The #productores, #acopiadores, #cooperativas and the value chain as a whole have once again shown that they rise to the occasion to react quickly, given market conditions. — Chamber of the Argentine Oil Industry (CIARA) (@CamaraAceites)
September 21, 2022
On the other hand, the Buenos Aires Grain Exchange reported that soybean operations reached 1,155,513 tons on Wednesday, and so far in force of the Export Increase Program producers have already marketed 11,720,672 tons. On the profile of the liquidations, the official highlighted: “With information as of last Monday there were 7,500 CUIT, where there are companies, collectors, and many producers that have liquidated. And when you look at the volume they have liquidated, there are 4,000 producers who sold or set a price for less than 100 tons, which tells us that many small and medium-sized producers have also entered this program, which was one of the objectives.” Regarding the measures implemented by the Central Bank, Bahillo expressed his disagreement, especially regarding the prohibition of companies operating in the soybean dollar from accessing the different types of financial exchanges. In that sense, he said: “The minister (Sergio Massa) intervened quickly and we exchanged some kind of talk, and it was partially modified but in an important way with which natural or human persons as defined by the new Civil Code are allowed to access any of the markets. When we make an estimate of the number of settlements that there have been, I think more than 52% can enter any market.” Bahillo participated in the annual Seminar of the Association of the Argentine Soybean Chain (ACSOJA), which was held today at the Rosario Stock Exchange and was one of the speakers. Before speaking at the call made by the soybean chain, the Secretary of Agriculture was part of the inauguration of the 108th Annual Congress of the Argentine Agrarian Federation, which ends tomorrow in Rosario with the election of authorities.
