# Argentina's Milei Taps Unseasonal Source in Search of Dollars: Shock Therapy | Financial Post

> Argentina's central bank is buying dollars from crop exporters who borrow dollars abroad and sell them in the official market, despite the harvest having ended months ago. The central bank recorded its highest October dollar purchases in 15 years, partly due to a tax amnesty program.

- Date: 2024-10-30 · published 2024-10-30T12:00:00.000Z
- Category: macro · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/28129-argentina-s-milei-taps-unseasonal-source-in-search-of-dollars-shock-therapy
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Exporters selling soybeans, wheat and corn to replenish central bank reserves could add farm export flow and support Argentine peso stability, while the carry trade depends on continued peso devaluation.

## Read by commodity

- SBM: neutral
- SOY: neutral
- CORN: neutral
- WHEAT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2019-03-19 | [Argentina Is Anxious for Soy Dollars. Farmers Won’t Play Ball - Bloomberg](https://feedsoft.ai/events/59942-argentina-is-anxious-for-soy-dollars-farmers-won-t-play-ball-bloomberg.md) | +0.1% | -0.8% |
| SOY | 2020-03-20 | [Dollar rampage spurs FX interventions, speculation of big G7 move](https://feedsoft.ai/events/7020-dollar-rampage-spurs-fx-interventions-speculation-of-big-g7-move.md) | +4.4% | -1.3% |
| SOY | 2022-08-02 | [Argentina’s Cash Needed to Avert Devaluation is Drying Up](https://feedsoft.ai/events/40324-argentina-s-cash-needed-to-avert-devaluation-is-drying-up.md) | +1.6% | -3.7% |
| SOY | 2026-01-27 | [Dollar sinks to four-year low as intervention risk lifts yen](https://feedsoft.ai/events/21293-dollar-sinks-to-four-year-low-as-intervention-risk-lifts-yen.md) | -0.1% | +7.3% |
| SOY | 2017-05-25 | [StanChart’s chief economist says these four currencies will move most on Fed shock](https://feedsoft.ai/events/70926-stanchart-s-chief-economist-says-these-four-currencies-will-move-most-on-fed.md) | -3.8% | -4.7% |
| WHEAT | 2025-03-26 | [US Dollar holds ground after mid-tier data](https://feedsoft.ai/events/25775-us-dollar-holds-ground-after-mid-tier-data.md) | -1.6% | +1.6% |
| WHEAT | 2023-03-14 | [Assessing tight global wheat stocks and their role in price volatility \| IFPRI](https://feedsoft.ai/events/36895-assessing-tight-global-wheat-stocks-and-their-role-in-price-volatility-ifpri.md) | -2.1% | -6.4% |
| WHEAT | 2018-05-31 | [Should U.S. Farmers Fret Over Falling Ag Currencies?](https://feedsoft.ai/events/64951-should-u-s-farmers-fret-over-falling-ag-currencies.md) | +0.2% | -2.0% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/argentinas-milei-taps-unseasonal-source-in-search-of-dollars-shock-therapy

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.