The tool that Sergio Massa agreed with the IMF to stop the loss of reserves and recover collection began to show some results, although without clearing up doubts.
After the implementation of the
soybean dollar 3
by decree last Monday, the delays generated crosses and accusations
between the economic team, producers, cereal companies and banks.
The tensions were fueled by the first settlements with a dollar at $300, which on Wednesday yielded
a balance of US$93 million
,
70% below
the US$300 million settled on average during the first day of the soybean dollar 1 and 2. Thus, despite the increase in the supply of foreign currency,
the Central Bank was only able to retain US$ 2 million in the exchange market.
The low levels of operation motivated
different explanations
in official dispatches.
In the Ministry of Economy, they point to three factors:
the longer duration
of the program (45 days for soybeans and 90 for regional economies),
"speculation" in prices and "problems with the Central Bank",
in charge of the regulation of bank accounts to liquidate.
Despite its little use in previous versions, the Government ordered the opening of linked dollar accounts on Monday and the entity chaired by Miguel Pesce instructed financial institutions in the last hours how to credit the funds for the sales of soybean dollars.
The first account was opened on Tuesday
and another four were expected this Wednesday, almost the bulk of most cereal companies.
In a bank they had to make changes and explain them to the big companies, including those of regional products, who approached queries: "There are new clauses and they were analyzed with Legal, the particularity is that the account is now adjusted daily to the
linked dollar
."
And in another entity they lowered the price to the accounts: "There were no openings because they are not requested."
In the Ministry of Agriculture, they noticed
delays in the registration by the AFIP
so that exporters can access the differential dollar, while in the collecting entity they await the "OK" of said agency and the Ministry of Commerce.
The latter would regulate this Thursday the
incorporation of regional economies
to the agricultural dollar and price agreements.
What is the price of soybeans?
Behind the
misintelligence
, the fierce fight between producers and grain companies over prices seems to appear as the main obstacle for the soybean dollar.
Last week, when Sergio Massa made the announcement, exporters paid $90,000 per ton of soybeans in Rosario at an exchange rate of $211, about US$426. But this Wednesday they paid up to $95,000 at $300, about US$ $316.
"Ask the cereal companies
why soybeans fell from Wednesday to today,
no one is going to sell to switch to pesos, the settlement is going to be
well below the US$ 5,000 million they expect
," said a granario operator, who compared the bid with the dollar soybeans 1 and 2, when
in the first 15 days the price collapsed until the offer was cut off and the dollars appeared.
In the export sector they believe that the collapse of the ton in dollars is due to the
greater availability for the new campaign
, even when production is very low due to the harsh drought.
"When the harvest comes in, the market price always drops, it was very expensive and the international price
is not enough to pay more
," they pointed out in the industry.
"The fall in the price is due to the fact that
during January-March the value of soybeans was 'inflated'
. Now in harvest with the soybean dollar, exporters want to buy at beneficial values for their margins, taking advantage of the fact that the exchange rate does not so seriously harms the peso value of soybeans," said economist Salvador Vitelli of the Romano Group.
The internal businesswoman hinders Massa's plans to avoid a devaluation.
The minister left on his tour to Washington on Wednesday,
without being able to score a significant rise in reserves
ahead of negotiations with the IMF, where they endorsed the "subsidy" for agriculture and a relief in the goals after noticing the loss of US $5.8 billion in net reserves for the year.
The initial expectation was to enter US$ 9,000 million for the soybean dollar
, but now they do not rule out that it will be US$ 7,000 million or even US$ 5,000 million.
These currencies are key to facing the relay race that the Government has ahead of it, beginning with the payment of US$ 650 million to the IMF this Friday, the next review of the organization and the officialization of candidacies in June.
NE
look too
Soybean dollar 3: they liquidated US$ 94 million, but the BCRA bought only US$ 2 million
Moody's believes that Argentina will fall more than expected this year and explains what is the biggest distortion in the economy
The Central Bank managed to break a streak of 23 rounds of sales and closed the day with US$ 2 million in favor
