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On November 25, the Argentine government announced the implementation of a new version of the Export Increase Program, commonly known as the "soybean dollar". It is expected that with this incentive between 6 and 8 million tons of oilseed will be traded between November 28 and December 31, 2022, the period during which this measure will be in force. One of the differences from the previous version which was implemented last September is the exchange rate parity since which would go from ARS 200/USD to around ARS 230/USD due to the effects of inflation.
The former generated an almost immediate reaction in prices, which rose by 33% for Gran Rosario, from ARS 60,000/ton to ARS 80,000/ton, and by 8.1% for Necochea, whose prices also reached ARS 80,000/ton. For Bahía Blanca there were no open offers for export.
The Buenos Aires Grain Exchange (BCBA) reported a 19.4% progress for the sowing of the new crop, which is delayed compared to the 39.3% progress at the same time in 2021. This is due to the lack of moisture that limits the activity of planters, mainly in the North-Central of Santa Fe and the North of La Pampa-West of Buenos Aires.
November 28, 2022/ 333 Latin America Staff.
