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Argentina put its new 2,000-peso banknote into circulation on May 22, the largest denomination. Because the peso has lost about a quarter of its value against the dollar this year, the note is worth $8.50 at the official rate and just over $4 in parallel markets.
Inflation is running at 109%.
Rapid peso depreciation and triple-digit inflation raise the cost of imported feed inputs for Argentine buyers and keep the local currency under pressure. Export sellers have an incentive to hold grain when the currency is weakening.
reuters.comEliana RaszewskiMay 22, 2023Not 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.
