Dollars from the countryside give the national government a break: July marked a record for foreign currency inflows.

The record-breaking liquidation of foreign currency by the agricultural sector came just when the government needed it most . In July, companies in the agro-export complex earned US$4,102 million, according to reports from the Chamber of the Oil Industry ( CIARA ) and the Center of Cereal Exporters (CEC) . This is the best July on record and a key relief for the national government, which is facing weeks of exchange rate tension and inflationary pressure.

The figure represents a 57% increase compared to the same month in 2024 and 10% more than in June, consolidating an upward trend in foreign currency inflows. So far this year, the agricultural export sector has already contributed US$19.521 billion, 43% more than in the first seven months of last year.

July's record high was no coincidence. According to CIARA-CEC, the result was a direct consequence of the expiration of Decree 38/25, which granted a temporary reduction in export duties until June 30. This window forced agricultural exporters to register sales early and settle foreign currency before July 23.

Gustavo Idígoras , president of CIARA, confirmed that "the inflow of dollars was driven by the anticipated DJVE and the obligation to deposit the money within a short period of time." This technical move by the economic team paid off, at least in the short term.

With the exchange rate rising and a growing gap fueling uncertainty, the US$4.1 billion received in July allows the government to rebuild reserves, gain financial breathing space, and calm expectations. It doesn't resolve the structural imbalances, but it provides immediate breathing space.

The context was also favorable. Many producers took advantage of the tax cuts announced in Palermo by Javier Milei , which lowered taxes on several strategic crops: soybeans (from 33% to 26%), corn and sorghum (from 12% to 9.5%), and sunflowers (from 7% to 5.5%).

According to private estimates, approximately 30 million tons of soybeans and corn remain to be marketed from the current season, with a potential revenue of US$10 billion. The government is banking on the new retention structure to encourage sales during August and September, although these are traditionally weaker months in terms of exports.

Eugenio Irazuegui of Zeni warned that after the strong advance sales in June, "the industry stocked up for several weeks," so normalization of trading may take a few days. However, the rising exchange rate could accelerate new operations.

July's record doesn't resolve the structural problems or guarantee continuity. But in the short term, it represents one of the few positive economic news items for the Milei administration in weeks marked by tension.

With markets keeping an eye on reserves and the exchange rate, the liquidation of agricultural exports offers a key buffer. The government's challenge will be to sustain this flow, without prematurely depleting the agricultural dollar stock, and to convert this relief into underlying stability.