The Central Bank continues to accumulate reserves for the liquidation of agricultural exporters, but the cost is higher than a dollar at $200 because part of what it acquires is resold to exporters at $140 and this makes the final price of the currency in the wholesale market is $227.21.
But Since the priority is the accumulation of freely available reserves, there is no room for costs. For example, in September the Central Bank bought USD 864 million in the wholesale market, but reserves increased USD 548 million in the month. The devaluation of the yuan, the fall of gold and energy imports caused the Central Bank to keep 48 cents of each dollar that enters.
Sales continued to rise and the BCRA bought USD 623 million at $200 in the wholesale market and sold USD 197 million to importers at $141. In other words, the cost of the subsidy raised the dollar to a net price of $227.21 and means a loss of $11,593 million, according to the calculations of the accountant and specialist in agribusiness, Salvador Vitelli.
The projection of Serge Massa The goal of obtaining USD 1,000 million in three days was met with ease because in the week the Central Bank bought USD 1,408 million from agriculture, of which it sold USD 542 million to importers. That account generates an average price of $237.02 per dollar and an accumulated loss of $32,060 million.
The dark side of the moon is the problem that was unleashed in the leases of the fields that are agreed in quintals of soybeans. Those who rent the plots now suffer the adjustment of the new price in pesos, even if they have sold the entire harvest before August. The tenants want to increase the location. “Fixing one variable unsettled others because the lessors want their share in the production and there was a confrontation with the lessees who are reluctant to pay more for the effect of a DNU,” said Vitelli.
On the other hand, the Central Bank discouraged the withholding of soybeans by producers by raising the financing rate to 120% annual effective rate for those who maintain a stock of more than 5% of what they harvested. “This measure for the sector was a bucket of cold water because following the $200 carrot comes the punishment in the financing rate”Vitelli added. With its circular, the Central Bank will prevent soybean retention from being financed with loans in pesos, as was happening until last month.
In the wholesale market, the dollar rose 34 cents to $141.15. In this way, the average devaluation of 30 cents a day projects a 6.5% higher dollar in the month, very close to the expected inflation. Reserves increased USD 416 million to USD 37,279 million. Since the new exchange rate for soybeans has been in force, USD 639 million have grown.
The financial dollars that are bought and sold through the AL30D bonds (-0.26%) and the GD30D (-0.08%), were on the rise from the first minute of the session. The MEP dollar was up $2 (+0.8%) at $273.02. The cash with settlement had an improvement of $2.02 (+0.7%) and closed at $282.89. Blue rallied following Wednesday’s bounce and dropped $4 to $280.
Bonds in dollars had a recovery of 1.30%, which lowered the country risk by 28 units (-1.2%) to 2,332 basic points.
The Stock Exchange had a particular day. Businesses in local shares outperformed the Cedear or ADR (Certificates of holdings of shares listed on the New York Stock Exchange).
In stocks, $4,010 million were traded, a record for the year, and the S&P Merval, the leading stock index, rose 0.36% in pesos and fell 0.4% in dollars. The best performing roles were YPF (+3,47%), Loma Negra (+2,32%) y Ternium (+2,30%).
The ADRs moved $3,952 million and had a mixed wheel. The highlight happened por Globant (+5,4%), Central Puerto (+4,9%) y Free market (+3,9%).
for today is expected a greater demand for financial dollars because from the new dollar for the soybean complex, the issue was $200 billion. The Central Bank has not yet absorbed that money and will be putting pressure on prices and dollars.
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