The BCRA bought USD 59 million in the market, the lowest figure in the last 2 weeks

The BCRA bought USD 59 million in the market, the lowest figure in the last 2 weeks
The BCRA bought USD 59 million in the market, the lowest figure in the last 2 weeks

Agricultural settlements remain below the historical average. (REUTERS/Agustin Marcarian/Illustration)

The volume operated in the cash segment of the wholesale market reached USD 330 million this Wednesday, a discreet amount in the midst of the stage of highest export settlements of the year, when agriculture advances with the harvest of soybeans and corn, the main crops. from the country.

In that framework, the Central Bank won purchases for USD 59 million, the lowest figure of the month – equal to the USD 59 million of May 9 -. The monetary entity raised the absorption of foreign currency to USD 2,231 million during May. Since Monday, December 11, the BCRA made net purchases for USD 16,984 million in five and a half months.

On the other hand, the Bookings international grew by USD 22 million, to USD 29,082 million, the highest amount since April 29. Under the administration of La Libertad Avanza this stock increases by USD 7,874 million (+37.1%) from USD 21,208 million on Thursday, December 7.

“Taking into account the projected exports of both corn, soybeans and derivatives for this year, coarse grains would contribute, net of imports, USD 23 billion -based on own projections and current prices- of which USD 8,000 million would be realized in these three months,” stated a report from the Rosario Stock Exchange.

“The tailwind of the last fifteen days to continue with the coarse harvest, mainly soybeans, has conspired with better prices in the local market. In this sense, the slate for the oilseed already reaches $263,000 per ton, and $165,000 per ton for corn; at the export exchange rate and taking into account the evolution of prices in the economy, soybeans would be positioned in real terms on par with the last peak in March, while, for corn, available prices would be negotiated at the same levels of purchasing power than during January of this year,” estimated the report prepared by specialists from the Rosario Stock Exchange.

Source: Rosario Stock Exchange.

The Economist Gustavo Ber He pointed out that “beyond the fact that the rate cut has had a strong influence on awakening financial and free dollars, it is also being generated by the lower pace of settlements, which therefore reduces the supply that reaches the market from the blend. After the recent accelerated realignment, even within the strong exchange rate appreciation of recent times, operators will be attentive to a moderation of the slide towards the $1,200 area, with a ‘gap’ already around 35%.”

“This, in search of not affecting the expectations of economic agents and that this could lead to greater dollarization from placements in pesos, since now savers could perceive that they are losing not only against inflation -negative real rates- but also against the dollar,” considered the head of Estudio Ber.

The presidential spokesperson Manuel Adorni He expressed that “the dollar is another price of the economy. I mean, the dollar is nothing more than a good that you can buy in the supermarket or a good that you can buy yourself or a service that you can pay for. The only difference is that, in such a case, the dollar is a financial asset, therefore, it has some type of different reaction with a different speed than other goods can have. But the impact on prices has nothing to do with it.”

“There is no reason for this to have any implications on prices, other than the inflationary problem that we are experiencing due to the imbalances that occurred in monetary and fiscal matters in Argentina. So one thing has absolutely nothing to do with the other,” he indicated.

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