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Argentina's crawling-peg currency plan faces mounting strain as a historic drought cuts soy and corn exports, draining central bank dollar reserves. Parallel-market dollars trade near 400 pesos versus about 205 at the official rate.
Lost export dollars reduce Argentina's ability to defend the peso, which keeps the official rate artificially strong and encourages exporters to hold back sales, tightening soymeal and soyoil availability for global feed buyers.
reuters.comWalter BianchiMar 22, 2023After 44 past bullish macro events, SBM moved a median -0.6% over 5 sessions (34% higher; middle half -1.9% to +0.9%), and -2.9% over 20.
After 28 past bullish macro events, SBO moved a median -1.2% over 5 sessions (32% higher; middle half -2.1% to +1.8%), and -2.3% 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.
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.
