Post by account_disabled on Feb 27, 2024 3:15:24 GMT -5
The Buenos Aires Grain Exchange announced this Wednesday that "due to the low volume of business and the controversies generated by the exchange rate used in the operation of forward contracts, and in pursuit of achieving transparency and clarity, as of Thursday, 08 February a reference will be issued The value will be published, called “ Make Exporter ”. The entity clarifies that this reference may be used for the agreement of new forward contracts for grains and/or oilseeds. It is nothing more nor less than a “patch” to try to solve a problem that had arisen after the implementation of the latest version of the Export Increase Program that began in December and is in full force. "There was no interest in doing business" The reality of the market indicates that Nobody was selling ahead because the Government does not use the formula that Sergio Massa had applied at the time. That is, the 80/20 system, where the largest proportion of the sale was calculated with the official dollar and the remaining 20% with the CCL.
Some time ago, many producers cried foul because, based on this existing gap, they denounced that a “transfer” of resources from the primary sector to the exporter was generated, because the first had to market at the official exchange rate and the others They could do it with the differentiated scheme. As Ámbito confirmed after Paraguay WhatsApp Number speaking with market operators, despite price movements in the market, there was no interest in doing business because the difference in the money generated is very large and there is no incentive for a producer to decide. enter into a term contract. Nobody can believe that the Ministry of Economy has not resolved this situation, which paralyzes all types of negotiation of future contracts for the most important crop that Argentina has in terms of exports and foreign currency earnings. What's more, there are those who claim that much more soybeans would have been sold than what was finally marketed to date if this system had been updated . In addition, the Government would have collected withholdings because they are made at the time of the purchase declaration by the exporters.
Until now the biggest loser was the producer, but in some way the exporters and the State itself were also affected, because operations and collection via taxes were limited. More clearly, it is impossible: The producers do not sell because the system applied by the Government lacks any logic and they lose between 40 and 50 dollars per ton because only the official exchange rate is allowed. Now, the new reference created by the Buenos Aires stock exchange entity can be used not only for soybeans but also for all products with the Common Nomenclature of MERCOSUR (NCM) and will be carried out under a scheme that contemplates the official value of the dollar. closing of the bank buyer. Nation and the “cash with liquid” (CCL) quote of MATba-Rofex. What remains to be defined is whether this formula will be applied by the rest of the stock exchange entities, such as the Rosario Stock Exchange, where a large number of grain operations are concentrated. Perhaps from now on, with this established formula, new schemes can be reformulated to increase the exchange rate if necessary, for example with a 70/30 dollar that could avoid a generalized devaluation in the future and cushion that impact on the economy.
Some time ago, many producers cried foul because, based on this existing gap, they denounced that a “transfer” of resources from the primary sector to the exporter was generated, because the first had to market at the official exchange rate and the others They could do it with the differentiated scheme. As Ámbito confirmed after Paraguay WhatsApp Number speaking with market operators, despite price movements in the market, there was no interest in doing business because the difference in the money generated is very large and there is no incentive for a producer to decide. enter into a term contract. Nobody can believe that the Ministry of Economy has not resolved this situation, which paralyzes all types of negotiation of future contracts for the most important crop that Argentina has in terms of exports and foreign currency earnings. What's more, there are those who claim that much more soybeans would have been sold than what was finally marketed to date if this system had been updated . In addition, the Government would have collected withholdings because they are made at the time of the purchase declaration by the exporters.
Until now the biggest loser was the producer, but in some way the exporters and the State itself were also affected, because operations and collection via taxes were limited. More clearly, it is impossible: The producers do not sell because the system applied by the Government lacks any logic and they lose between 40 and 50 dollars per ton because only the official exchange rate is allowed. Now, the new reference created by the Buenos Aires stock exchange entity can be used not only for soybeans but also for all products with the Common Nomenclature of MERCOSUR (NCM) and will be carried out under a scheme that contemplates the official value of the dollar. closing of the bank buyer. Nation and the “cash with liquid” (CCL) quote of MATba-Rofex. What remains to be defined is whether this formula will be applied by the rest of the stock exchange entities, such as the Rosario Stock Exchange, where a large number of grain operations are concentrated. Perhaps from now on, with this established formula, new schemes can be reformulated to increase the exchange rate if necessary, for example with a 70/30 dollar that could avoid a generalized devaluation in the future and cushion that impact on the economy.