signature seized for USD 3.1 billion / Argentina News

Among the seized assets are luxury cars of the brands BMW, Mercedez Benz and Porsche, as well as 4×4 trucks and high-end motorcycles

Federal Court 3 of Rosario decided to seize properties Y goods of the company cereal maker Díaz and Forti, as well as its two main shareholders, for a total amount estimated at US $ 3,121.2 million, in the framework of a case in which the Central Bank (BCRA) denounced irregularities in the invoicing and settlement of foreign currency, among other issues.

In this way, The Rosario Federal Justice decided “to establish a preventive lien on real estate, vehicles, ships, aircraft and / or shares that could be the property of the firm.

The embargo includes the cereal company Díaz & Forti SA and the shareholders Marcelo Darío De Vincentis and Luis Ariel Olio.

The seized assets include a significant amount of luxury cars of the brands BMW, Mercedez Benz and Porsche, as well also 4×4 trucks Y high-end motorcycles.

In the ruling, the court also urged the BCRA to “issue the style communication to circulate among all the intermediaries that make up the national financial system, so that they inform whether the firm and shareholders have accounts in their name and have funds deposited – under any operational modality, or if they are holders of safe deposit boxes, as well as that they report the existence of safe deposit boxes in the name of those mentioned “.

Pending settlement

The embargo includes the cereal company Díaz & Forti and two shareholders

The cereals, which had an exponential growth in recent years and which operated in the Vicentin plants from a contract to fasón, It was denounced by the Central Bank for not settling approximately US $ 450 million in the single free exchange market (MULC).

According to the record, the monetary agency denounced that the company “did not make any presentation related to the liquidation of the operations carried out in the exchange market in relation to the exports in analysis, tickets or other pertinent documentation to the negotiation of collections of those exports “.

The pending settlements correspond to 95 export operations.

“Based on these circumstances, the attribution of authorship to those who, having sufficient decision-making power over the exporter, did not comply with the regulatory obligation, that is, to Messrs. Marcelo Darío de Vincentis and Luis Ariel Olio, who, as indicated the petitioner, – due to the functions that they performed – made the firm Díaz & Forti SA criminally incriminating, “the letter said.

In this context, some time ago the Ministry of Agriculture removed the cereal company from the Single Registry of Operators of the Agroindustrial Chain (RUCA).

Soy with its worst fall in Chicago in almost 50 years

The price of soybeans plummeted Thursday in Chicago.  July / 21 position fell u $ s43.63

The price of soybeans plummeted Thursday in Chicago. July / 21 position fell u $ s43.63

The price of soybeans plummeted Thursday in Chicago. It fell u $ s43.63 the July / 21 position, and it became the largest daily loss in nearly 50 years.

Punctually, from the June 6, 1973, when a drop of 14.2% was registered, as explained by Juan Manuel Garzón, from the Mediterranean Foundation.

Thus, what had risen this year evaporated. The economist pointed out that on January 2, the closest position was worth $ 482 and now stands at $ 487.

In the short term, the loss of US $ 115 per ton from the peak of US $ 602 reached on May 12, implies a value liquidation of almost 20% in just over a month.

Causes of this historic collapse

Different specialists agreed that various factors influence this steep drop, despite the fact that the supply and demand relationship still shows bullish fundamentals, or at least to sustain the high prices achieved.

The main bearish impulse seems to be that the United States Federal Reserve would raise the benchmark interest rate in 2023, which triggered the outflow of financial funds that had been betting on the price of commodities. Now, an expected strengthening of the dollar weakens grains, which were already in decline due to better weather conditions, especially in the United States, and rumors in that country about a reduction in the mandatory cut on biofuels.

“When funds hit the sell button, they really stack up, taking advantage of the limits of expanded daily prices, and the position size limits of expanded funds “, analyzed Fernando Perosio, of Mariscotti Cereales SRL. And added:” This type of liquidation devastates many operators, and creates the opportunity of an equal whiplash in the opposite direction, with any change in forecasts and other fundamentals. ”

  became the biggest daily loss in almost 50 years

This became the largest daily loss in almost 50 years

How does this impact Argentina?

The impact on the macroeconomic accounts is important: now, the estimate of the value of agroindustrial exports is US $ 1.687 billion less compared to mid-May: it falls to US $ 35 billion, according to the projections of the Rosario Stock Exchange.

All in all, the US $ 22,325 million that the soy complex (flour, oil, grain and biodiesel, in that order) would still be US $ 8,025 million more than the exports registered last year by this item, the main one in Argentine foreign trade.

Beyond the lower state revenue, the fall has effects on the private sector. In the national granaria square with its axis in Rosario, the local market acknowledged receipt of what happened in Chicago. There were fewer buyers and few open offers. The best open offer of the day for immediate downloads was $ 300 per ton, due to withholding discounts. Forward deliveries were also offered at $ 300 a ton, $ 10 below Wednesday.