“Many producers that still keep soybeans in reserve prefer to tie the sales rhythm to the strict financial needs to pay their expenses and commitments of the productive cycle. In addition, the market value of corn has recovered and is attractive for sale, with cereal business being favored. It must be understood that the oilseed is a natural saving vehicle for the producer since it serves as a unit of measure (rural rents, inputs, etc., are valued in quintals), as a means of exchange (the producer can from buying capital goods until paying the annual lease in grain) and value reserve, especially in upward contexts ”, they detail from the Rosario Stock Exchange.
Meanwhile, the agro-export companies also received the new BCRA provisions like a bucket of cold water. It is that those large multinationals and local capital companies, which have heavy debts in dollars and which in some cases have been taken to make investments in infrastructure in Argentine ports, will now only be able to buy 40% of the amount of their short-term debt in the official market, the rest must be renegotiated with foreign credit. The fact of the matter is that international banks are not overly enthusiastic about lending to the weakened and changing Argentine economy, as explained by the sector.
Against this background, the chamber that brings together companies in the sector, CIARA-CEC, with its owner at the head, Gustavo Idígoras, who is even one of the promoters of the Argentine Agroindustrial Council and he met weeks ago with President Alberto Fernández, to bring him his proposal to boost exports from the countryside, he kept a rare low profile during the last week and after knowing the new provisions of the BCRA. According to what Ámbito could find out, the agro-exporters are trying to bring positions closer to the head of the Central Bank, Miguel Ángel Pesce. Far from criticism, the industrialists in the field seek to show the Government that soy crushing companies need not only a new withholding scheme, which encourages shipments with added value, but also less restrictive measures to access the exchange market.
Another item that is opening, and no less important, also related to the grain market, is that according to the new resolutions, the dollars destined to pre-financing of exports will have as a priority the SMEs. Meanwhile, multinationals and Argentine flag companies that regularly use these financial tools will have to seek credit abroad. The truth is that for a while now and perhaps more exacerbated locally with the default of Vicentin, the international banking system began to hold back dollars for this type of operation.
In this frame, Roberto Urquia, President of General Deheza Oil Can recently stated on a radio station: “We agro-exporters have no way of retaining dollars. In commodities, oils, flours, soybeans, soybean oil, peanuts, etc. 15 days after loading the ship, the dollars have to be paid to the Central Bank ”.
According to Urquía, the parallel dollars “are a little overvalued. The problem is not the dollar but the 33% withholdings on soybeans. By easing the withholdings a bit, the gap between dollars could be narrowed. It is easy to say it, but it is not easy to do it, because they would have already done it ”, he remarked.
The reality is that from the producer’s speculation to obtain a higher price for his harvest and together with the inconveniences of the agro-export sector to access the official dollar, an explosive cocktail is presented that would lead to the liquidation of currencies to a worse scenario of which was speculated only a month ago. According to the projections of the consultant Pablo Adreani, this year it would reach US $ 20,240 million, showing a decline of 14.6% compared to the previous year when it added US $ 23,714 million, but this number could suffer even more and that it would be evident in the last part of the year, just at the moment when the Government was betting on a reactivation of exports.