A flood of sales on soybean dollars doubled truckloads entering the ports

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19:45

Soybean truckloads have increased at various ports in Greater Rosario
Soybean truckloads have increased at various ports in Greater Rosario

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More than 120 hours have passed since launch “Soy Dollar”, a temporary exchange rate improvement scheme by the government received by agricultural exporters, In the ports, the first results of the event have already started. The sector has warned that the number of lorries entering ports in recent hours has increased by 100% compared to August since the measure, which will be in force until the 30th of this month.

According to the processed data At the Rosario Stock Exchange (BCR), this Friday, 1,622 trucks entered with oil, That represents a 100% increase from last week’s weekly average of 811, compared to 903 on the same day last year.

There has been an increase in this traffic since its entry into force The export promotion program was announced by Economy Minister Sergio Massa last week at the Palacio de Hacienda. Accelerate the sale of these oilseeds at a differential rate of $200. In the agreement, exporters promised to deposit 1 billion US dollars in the first three days, which will help to increase the reserves of the Central Bank (BCRA). Since then, the Cereal Exporters Center (CEC) has confirmed through its social media that not only have the targets been met, but 1075 million, A higher number than expected.

From the Chamber of Petroleum Industry of the Argentine Republic (Ciara), they indicated that if well “Truck traffic has increased” These days it will increase even more throughout the month. In addition, they explained that “closed sales are paid within 72 hours and delivered by quota to set date.” This Friday, between all grain and ports, they reported more than 4,000 truckloads came in, up from 2,500 a day in August.

The transport sector says many more trips have been reported from the core area these days
The transport sector says many more trips have been reported from the core area these days

In the transport sector, they added that, in particular, “The main area saw more travel” than normal, which would be motivated by the soybean dollar measure. However, they clarified that the same is not the case for trips from the north of the country.

“The situation is such that we had a weak soybean crop. Soybeans were liquidated for the first time to meet obligations: Settle cheques, village cards, fertilizer purchases, as the grower pays for the crop with this. Everything that expires in July and it was done and because the first thing we have is soybeans, it was done that way,” he explained. Robert Palomo, Vice President of Apronor.

On the other hand, he added that small and medium producers have also liquidated enough maize to meet these obligations and that large producers will benefit from the measure. “It’s not that the producer is keeping the soybeans, it’s that he’s already destroyed it and has no more.” explained.

In this sense, Palomo argued that the measure itself benefits exporters. “They were sitting when they made the announcements. Big manufacturers are also others who benefit from this measure,” he said.

According to the measure, truck traffic at the ports was higher than in recent weeks
According to the measure, truck traffic at the ports was higher than in recent weeks

In a recent report Rosario Commerce Ball in detail that on Thursday they registered in SIO-Granos, an electronic platform for information on grain trade and exchange operations and publication of reference prices, Soybean deals totaled 0.68 million tons, including both new sales contracts and the settlement of transactions arranged through Thursday, excluding cancellations.

with that they said, Since the entry into force of the program to increase exports, the total business of soybeans in the domestic market has amounted to 3.8 million tons. “If we focus exclusively on the transactions recorded yesterday (Thursday), the main point of the registration volume was the new purchase and sale contracts concluded on Thursday 8, 232,593 tons,” they said.

In this regard, they added that “Their average value was $67,506, a slight decrease of 1.9% from the previous day’s average value. While fixed transactions until Wednesday were fixed at 126,022 tonnes, reaching an average price of $67,114/t”.

For exporters, soybean sales amounted to 4.3 million tons per week.

Source: La Nacion

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