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Argentina's new government is pursuing shock measures, including a sharp devaluation, to end the peso's distortion under strict limits on dollar purchases. The official exchange rate had made the peso look stronger than it was, at around 400 pesos per dollar.
Ending exchange controls is expected to free Argentine grain and oilseed sellers to move supply, which may pressure soybean meal and corn export prices. The outlook for Argentine farm output and export volumes depends on how the reforms work.
apnews.comPaul WisemanDec 14, 2023After 222 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.1% to +1.2%), and -0.6% over 20.
After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
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.
