Grain exports in Argentina exceed US$ 3 billion under ‘soy dollar’ program

According to the industry association Ciara, grain exports from Argentina generated USD 3.6 billion after the sale of 5 million tonnes of soybeans between November 28 and December 23 under the ‘soy dollar’ incentive program, which established a special exchange rate for international oilseed sales until December 30.

Ciara announced that the price invoiced by producers rose to exceptional levels, allowing for a substantial increase in the income of those that decided to take advantage of the special exchange rate at the end of the program’s current term. As a result, grain exports income reached US$ 2.4 billion from the total foreign exchange internalized by Argentina.

See below the track record of the soybeans exported by Argentina, in terms of TEUs, from January 2019 to Oct 2022. The data is from DataLiner.

Soybean exports from Argentina | Jan 2019 – Oct 2022 | TEUs

Source: DataLiner (click here to request a demo)

“The goal of raising US$ 3 billion with the oilseed cereal complex has been met, subtracting a week of activities. Although the month had fewer working days, the soy market reacted, demonstrating once again that “if exchange rate conditions or lower retentions are provided, it can react and become one of the engines of the Argentine economy,” said Gustavo Idgoras, president of Ciara, who also commented on his demand to unify the exchange rate and reduce current taxes.

Source: Canal Rural

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