Home » Sergio Massa launches the agricultural dollar today, in the midst of the drought and the fall of reserves in the Central Bank

Sergio Massa launches the agricultural dollar today, in the midst of the drought and the fall of reserves in the Central Bank

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Sergio Massa launches the agricultural dollar today, in the midst of the drought and the fall of reserves in the Central Bank

The Minister of Economy, Sergio Massa, will announce the launch of the “agro dollar” program, which will establish a differential and temporary exchange rate for a series of agro-industrial complexes, including soybeans and some productions from regional economies. The details.

The differential exchange rate that will be established for the soy chain and for the regional economies will be the sameofficial sources told Télam, without specifying the date on which the program will be launched.

Private sector sources, for their part, indicated that the first stage of the project will cover the soybean complex, which will have a differential exchange rate of $300 per dollar and which would be launched from next Monday until May 31.

In the market they expect the volume to be sold during this period reaches eight million tons, although that will depend on the sales position of the producers. Said volume would be equivalent to some US$ 3,500 million, estimated the sources consulted.

According to data from the Undersecretary of Agricultural Markets, To date, 36.3 million tons of soybeans from the 2021/22 campaign have been marketed on an estimated harvest of 44 million tons, which shows the existence of a remaining potential of 7.7 million tons.

However, from the private sector they estimate that the available stock of the previous harvest is calculated at 4 million tons.

Regarding the current harvest, which just began with yields well below the average of the last campaigns, in the case of soybeans they project a production of 25 million tons, which implies a decrease of 40% compared to the volume of the previous cycle.

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The meager production of the oilseed that is expected -the worst in 23 years- rthere will be some US$ 7,300 million of income to the treasury from exportsin a context in which its marketing is at historically low levels.

The Rosario Stock Exchange (BCR) reported that this cycle «4.8 million tons have been sold, slightly less than half of what was marketed in the past campaign on the same date».

«In terms of percentage of expected production, marketing reaches 18%, when last year it totaled 24%, and represents the lowest proportion since the 2016/17 campaign.“, indicated the work.

Agro Dollar: a program similar to those known as “soybean dollar” 1 and 2 will be launched.

It should be remembered that during the first edition, which took place in September last year and had an exchange rate of $200 per dollar, the export sector liquidated a total of US$ 8,120,315,975 based on a sale of almost 14 million tons.

In the second stage, hecarried out last December, the exchange rate was $230 per dollar and the producers parted with 6 million tons of soybeans, while the liquidated amount was just over US$ 3,000 million.

Regarding the regional economies, initially from the Palacio de Hacienda they indicated that the differential exchange rate to be applied will be for a period of 90 days, although there are still no details regarding which productions will be part of the program.

The Ministry of Agriculture, Livestock and Fisheries indicated that meetings will be held with the different chains, also seeking that the domestic market is not affected in terms of prices.

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Other objectives of the measure, beyond the main one, which is to increase the level of reserves in the Central Bank (BCRA), is that with part of The proceeds can continue to help the productions that were affected by the drought, the late and early frosts and the hail, as well as finance the increase in the area of ​​the next wheat and barley campaign.

Based on this, they indicated that, based on the estimates and forecasts available to the Ministry of Agriculture, planting “It’s going to be very good, so we want to accompany the producers who have now been affected by the drought and who can invest in the next one.”


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