The Central Bank bought this Monday 170 million dollars, with which it added its fifth consecutive day increasing international reserves. This is a trend encouraged by the implementation of the temporary special exchange rate for soybean exports that was launched last Monday. The day was complemented by falls in the prices of the blue dollar and counted with liquidation negotiated in the stock market.
The monetary authority continued this Monday on the path started last Tuesday, when it managed to buy 300 million dollars following the Ministry of Economy made official the application of an exchange rate of 200 pesos per dollar for soybean exports until December 30. next September. A measure that was agreed with the main exporting complexes, which undertook to liquidate soybeans and derivatives for at least 5 billion. The volume operated in the soybean dollar segment was almost 292 million dollars, according to Gustavo Quintana, an analyst at PR Corredores de Cambio.
Since the beginning of the month, the monetary authority registered net purchases of 1.2 billion. A key result to be able to swell reserves and curb exchange pressures. The result of this Monday, however, is the lowest of those obtained in the last five days. In July and August, contrary to this trend, the Central Bank had great difficulties in accumulating reserves.
In the foreign exchange market, the official dollar price closed at 149.43 pesos, with a rise of 1.01 pesos compared to Friday’s close. For its part, in the informal segment, the so-called “blue” dollar recorded a drop of one peso, to 273 pesos per unit. In addition, in the stock market segment, the dollar counted with settlement (CCL) fell 0.2 percent, to 280.40 pesos; while the MEP was trading unchanged at 271.29, in the final leg of the session.
For its part, in the wholesale segment, the price of the US currency registered an increase of 90 cents compared to the previous closing, at an average of 142.28 pesos. Thus, the dollar with the 30 percent surcharge -contemplated in the PAÍS tax-, marked an average of 194.26 pesos per unit, and with the advance payment on account of the Income Tax of 35 percent on the purchase of foreign currency , 246.56 pesos. Meanwhile, the dollar destined for tourism abroad -and which has a rate of 45 percent- stood at 261.50 pesos.
Among other details of the foreign exchange market, it was recorded that the volume traded in the cash segment was 583 million, in the Electronic Open Market (MAE) operations were registered for 12 million and in the Rosario futures market 292 million were traded.
In terms of exports and trends for the oilseed and grain market, a report from the United States Department of Agriculture was highlighted, in which a drop in production and global stocks of soybeans and corn was reported, and an increase in both items in the case of wheat. This would allow sustaining the high prices of soybeans. It was published in the monthly report of that entity with the estimates of global supply and demand corresponding to September.
In the document, a strong adjustment was made on the expectation of the US soybean harvest, with an estimated drop from 123.30 to 119.16 million tons, compared to the 122.36 million forecast by the private sector, as a result of a reduction both the average yield and the area that will reach the harvest. Projections for soybean production in Argentina and Brazil remained unchanged. In this way, global soybean production was estimated at 389.77 million tons, below the 392.79 million in the August report.