‘Soy dollar’ brings Argentine soybean operations to 13.3M tonnes in September

At the end of the so-called “soy dollar” program in effect in September, Argentina recorded 13 million tonnes of soybeans in operations (domestic market and foreign sales combined), according to the Rosario Stock Exchange. During the duration of the program, foreign sales of soybeans, meals, and by-products totaled 13 million tonnes, the highest volume in a month at least since 2010.

The government of Argentina Export Increase Program (PIE)/soy dollar initiative allowed exporters of soy products to settle the dollars obtained from foreign sales at a preferential exchange rate of AR$ 200/US$, whose objective was to boost foreign currency reserves at the Central Bank of the Argentine Republic (BCRA). The PIE end date was scheduled for October 30, although it was decided to extend it until Monday, October 3.

See below the track record of Argentine soybean exports. The data is from DataLiner.

Argentine soybean exports | Jan 2021 – Aug 2022 | TEUs

Source: DataLiner (click here to request a demo)

Soybean trade in September more than tripled the historical monthly average of 4.4 million tons and is 315% above the previous month. This volume also surpasses by 47% the 9.4 million tonnes reached in May 2019.

Source: Canal Rural

To read the full original article, please go to: https://www.canalrural.com.br/radar/argentina-opera-133-mi-de-t-medidas-em-dolar-de-soja-em-setembro/

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