48.3% was fired the liquidation of currencies and the gap with the accumulated of 2016 was reduced to 8%

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Exports of cereals, oilseeds and derivatives sold about 601 million dollars last week, 48.3% more than in the previous five business days, so that the gap with last year’s liquidation fell to 8% .

According to industry data, agroexport firms settled about $ 601,334,539 between August 14 and 18, while in the previous three weeks they had sold $ 405.1 million; $ 491,092,446; And $ 406,767,821.

The acceleration of sales of green tickets in the local market reduces the gap with the liquidation of currencies registered last year, after the difference reached 38 percent in the first half, when a devaluation was expected.

The peso devalued 15% in the last three months and that made the US currency settlement more attractive for exporters, who must cover the costs of the current campaign.

The dollar was sustained around 15.50 pesos during most of the first half of the year due to the strong inflow of greenbacks from speculative funds attracted by the high peso interest rates offered by the Lebacs.

The gradual reduction of these rates meant that the funds returned to dollarization, which increased the demand for US bills in the city of Buenos Aires and generated a shift in the exchange rate.

This situation, among other factors, caused that the entire export sector – not only the agricultural sector – was motivated to sell the foreign exchange generated by its sales abroad.

Between 1 January and 19 August 2016, agricultural exporters had settled about $ 16,204,744,329 and now, from the first day of 2017 until the 18th of this month, they sold $ 15,001,895,625.

These figures are derived from the weekly reports reported by the Argentine Chamber of the Oil Industry (CIARA) and the Center for Cereal Exporters (CEC), which represent one-third of Argentine exports.

The liquidation of foreign exchange is fundamentally related to the purchase of grains that will then be exported either in the same state or as processed products, after an industrial transformation.

Timothy King

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