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Javier Milei's presidential win has left Argentines anxious about the peso, which has lost significant value against the dollar over the past year. Consumers expect a currency depreciation to raise the cost of consumer goods.
Expectations of further peso weakness can push Argentine farmers to hold soybeans and corn for a better exchange rate, supporting world meal prices while reducing near-term export flow.
apnews.comDavid Biller, Daniel PolitiNov 21, 2023After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% over 20.
Not enough comparable past events yet for a historical read.
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.
