# Argentina’s Milei Devalues Peso by 54% in First Batch of Shock Measures - Bloomberg

> Argentina devalued the peso by 54%, overhauled its crawling peg, and announced large spending cuts aimed at eliminating the primary fiscal deficit next year. These are the first steps in President Javier Milei's shock-therapy program.

- Date: 2023-12-12 · published 2023-12-12T12:00:00.000Z
- Category: policy · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/32997-argentina-s-milei-devalues-peso-by-54-in-first-batch-of-shock-measures-bloomberg
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A large devaluation and fiscal tightening can prompt Argentine farmers to accelerate sales of soybeans, meal and corn to capture the stronger dollar value, adding export supply and pressuring world meal and oil prices.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- CORN: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2023-12-12 | [Argentina Sharply Devalues Its Peso Currency to Tame Inflation](https://feedsoft.ai/events/32998-argentina-sharply-devalues-its-peso-currency-to-tame-inflation.md) | -3.3% | -11.7% |
| SBM | 2023-12-14 | [Why Argentina's shock measures may be the best hope for its ailing economy \| AP News](https://feedsoft.ai/events/32999-why-argentina-s-shock-measures-may-be-the-best-hope-for-its-ailing-economy-ap.md) | -4.0% | -11.0% |
| SBM | 2025-01-23 | [Argentina Slashes Export Taxes to Rescue Drought-Hit Farmers - Bloomberg](https://feedsoft.ai/events/13881-argentina-slashes-export-taxes-to-rescue-drought-hit-farmers-bloomberg.md) | -1.5% | -5.6% |
| SBM | 2023-07-25 | [Argentina announces measures to boost foreign reserves \| Buenos Aires Times](https://feedsoft.ai/events/35334-argentina-announces-measures-to-boost-foreign-reserves-buenos-aires-times.md) | +0.7% | -7.7% |
| SBM | 2017-11-28 | [Soybean meal: lower export duties in Argentina](https://feedsoft.ai/events/67812-soybean-meal-lower-export-duties-in-argentina.md) | +2.5% | -3.6% |
| SBO | 2025-01-23 | [Argentina Slashes Export Taxes to Rescue Drought-Hit Farmers - Bloomberg](https://feedsoft.ai/events/13881-argentina-slashes-export-taxes-to-rescue-drought-hit-farmers-bloomberg.md) | +1.7% | +4.4% |
| SBO | 2021-07-21 | [Soy Oil Traders Jostle to Decipher Argentine Export Potential - Bloomberg](https://feedsoft.ai/events/46140-soy-oil-traders-jostle-to-decipher-argentine-export-potential-bloomberg.md) | -0.4% | -3.5% |
| SBO | 2025-10-03 | [Argentina Export Tax Shock Hits Grain Markets](https://feedsoft.ai/events/13828-argentina-export-tax-shock-hits-grain-markets.md) | +2.1% | +1.4% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-12-12/argentina-s-milei-devalues-peso-by-54-in-first-batch-of-shock-measures

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