◂ Event Timeline

Jun 12, 2024MACROArgentina

Argentina economy snapshot: central bank dollar buying spree slows

Argentina's central bank has bought over $17 billion of foreign currency since Milei took office on December 10 to rebuild reserves. The central bank needs dollars to pay creditors including the IMF.

WHY IT MATTERS

Reserve rebuilding affects how quickly Argentina lifts export-related FX constraints, which shapes farmer selling of soybeans and meal; the effect on prices is indirect.

AFFECTSSoybean Meal◆

SOURCE
reuters.comHernan NessiJun 12, 2024

Price reaction & history

Soybean Meal◆neutralSO FAR1d +0.2%5d +0.8%20d +2.6%

After 73 past neutral macro events, Soybean Meal moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +2.1%), and -1.6% over 20.

Oct 8, 2026Argentina's two-speed economy deepens as peso appreciates and manufacturing collapses | 24EcoNews+3.5%
Aug 31, 2018Argentina peso firms as central bank intervenes, IMF voices support+4.2%
Aug 31, 2018IMF vows ‘full support’ for Argentina amid economic crisis | Business and Economy | Al Jazeera+4.2%
Mar 3, 2020President Fernandez tries to slay Argentina’s inflation dragon | Business and Economy | Al Jazeera-1.9%
Dec 20, 2018Factbox: Four reasons why Argentina's economy buckled in 2018 | Reuters-1.3%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Soybean Meal SBM · GP ▸

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