Update: Yankees sign Luis Torrens, Yancarlos Baez, and Alex Palma

The 2012 international free agent signing period officially opened today, and the Yankees have already made two big splashes. Ben Balder reports that they’ve signed 16-year-old Venezuelan catcher Luis Torrens for $1.3M and 16-year-old Dominican shortstop Yancarlos Baez for $650k. The new Collective Bargaining Agreement limits all teams to $2.9M in total signings (there are harsh penalties for excess spending), so the Yankees only have $950k left to spend.

Torrens, a 6-foot-0 and 170 lb. converted infielder, was ranked as the second best international prospect on the market this summer by Baseball America. The right-handed bat is said to have an advanced approach and the ability to hit the ball to all fields, though he’s more likely to have doubles power than over-the-fence power down the line. Torrens is still raw behind the plate, unsurprising considering his age and the fact that he was an infielder not all that long ago. That’s him in the video above.

Baez is listed at 6-foot-2 and 165 lbs., though he was not among Baseball America’s top 20 international prospects. He’s said to have very good speed and is “an athletic switch-hitter with good bat speed who could have an average hit tool, with gap power now.” Here’s video. The Yankees have been connected to two other top-20 guys — OF Alex Palma (#4) and SS Wendell Rijo (#10) — though it remains to be seen how the new spending limits will impact their ability to sign them.

Update: Balder reports that the Yankees have signed Palma for $800k, so they’re down to $150k in spending room. The 16-year-old Venezuelan outfielder is listed at 6-foot-2 and 200 lbs., and is said to have “a clean swing with good bat speed and [the ability to] barrel up the ball” from the right side. Balder says opinions are mixed out his power potential, but everyone agrees it’s at least average. Palma is expected to play right field long-term with solid defensive skills. Here’s video.