# Muddle-through is not enough for Argentina as peso faces fresh pressure | Financial Post

> 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.

- Date: 2023-04-26 · published 2023-04-26T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/36676-muddle-through-is-not-enough-for-argentina-as-peso-faces-fresh-pressure
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md), [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md)

## Why it matters

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.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- USDARS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2023-03-22 | [Argentina drought saps dollar reserves, pressuring FX crawling peg](https://feedsoft.ai/events/37153-argentina-drought-saps-dollar-reserves-pressuring-fx-crawling-peg.md) | -1.1% | -1.3% |
| SBM | 2018-05-21 | [What multinationals should monitor in the aftermath of Argentina’s peso crash](https://feedsoft.ai/events/65313-what-multinationals-should-monitor-in-the-aftermath-of-argentina-s-peso-crash.md) | +1.1% | -10.8% |
| SBM | 2020-03-30 | [Corn slumps as ethanol makers feel coronavirus constraints \| Financial Post](https://feedsoft.ai/events/54164-corn-slumps-as-ethanol-makers-feel-coronavirus-constraints-financial-post.md) | -6.2% | -11.7% |
| SBM | 2023-04-26 | [Argentina: A desperate search for a door as currency tumbles \| AP News](https://feedsoft.ai/events/36674-argentina-a-desperate-search-for-a-door-as-currency-tumbles-ap-news.md) | -1.9% | -7.0% |
| SBM | 2019-08-12 | [Argentina farmers digest primary election shock, wait to export despite weaker peso](https://feedsoft.ai/events/57427-argentina-farmers-digest-primary-election-shock-wait-to-export-despite-weaker.md) | -0.6% | -2.8% |
| SOY | 2020-10-09 | [Dollar drifts downward as investors cling to stimulus hopes \| Financial Post](https://feedsoft.ai/events/50560-dollar-drifts-downward-as-investors-cling-to-stimulus-hopes-financial-post.md) | +1.2% | +4.9% |
| SOY | 2019-08-12 | [Argentina farmers digest primary election shock, wait to export despite weaker peso](https://feedsoft.ai/events/57427-argentina-farmers-digest-primary-election-shock-wait-to-export-despite-weaker.md) | -0.7% | -3.3% |
| SOY | 2021-04-11 | [Argentine farmers, facing peso uncertainty, hoard soya despite high prices - Markets - Business Recorder](https://feedsoft.ai/events/47430-argentine-farmers-facing-peso-uncertainty-hoard-soya-despite-high-prices.md) | +2.2% | +15.5% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/muddle-through-is-not-enough-for-argentina-as-peso-faces-fresh-pressure

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.