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The informal peso rate depreciated about 20% over the week to reach 495 per dollar on April 25, widening the gap with the official rate to around 120%. The peso strengthened slightly on Wednesday but the market remained very volatile.
Currency instability in Argentina discourages exporters from selling, which can delay soymeal and corn shipments and support international meal prices.
apnews.comDaniel PolitiApr 26, 2023After 44 past bullish macro events, Soybean Meal moved a median -0.6% over 5 sessions (34% higher; middle half -1.9% to +0.9%), and -2.9% over 20.
After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% 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.
