The local grain futures market is already assuming that the government will launch a renewed soy dollar in July, or another mechanism to speed up the entry of fresh dollars. It comes as drought continues to reduce soy harvest forecasts, with the liquidation of foreign currency for the first two months of the year expected to be the lowest since 2007. May is traditionally one of the strongest months for the inflow of foreign currency from the soybean harvest. In parallel, available soy from last season is also increasing its value in the local market. Projections of future foreign currency income in 2023 from agricultural exports is US$47 billion, a setback of more than US$13 billion compared to last year.
Source: Bueno Aires Herald February 11, 2023 02:19 UTC