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Argentina's peso plunged after a far-right candidate led the polls, with its unofficial rate falling 7% on Monday and another 10% by Tuesday afternoon. The currency hit a record low in the parallel market as the official rate stayed fixed.
Frontrunner Javier Milei advocates replacing the peso with the US dollar.
A sharp fall in the peso raises the incentive for Argentine farmers and exporters to hold back or sell soy products quickly for dollars, shifting near-term soymeal availability and export pricing.
nytimes.comOct 10, 2023Not enough comparable past events yet for a historical read.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% 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.
