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Argentina faces growing difficulty managing its economy until October presidential elections, with depleted central bank reserves and inflation above 100%. The worst drought in six decades is adding pressure, and JPMorgan expects two consecutive quarters of contraction in early 2023.
The worst drought in six decades cuts Argentine soybean and corn output and export earnings, supporting international meal and grain prices while weak reserves limit farmer selling and port flows.
financialpost.comReutersApr 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 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.
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.
