# Argentina drought saps dollar reserves, pressuring FX crawling peg

> 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.

- Date: 2023-03-22 · published 2023-03-22T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/37153-argentina-drought-saps-dollar-reserves-pressuring-fx-crawling-peg
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

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.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2023-03-29 | [Argentina: “Blue” dollar reaches AR$ 397 — MercoPress](https://feedsoft.ai/events/37155-argentina-blue-dollar-reaches-ar-397-mercopress.md) | +0.2% | -5.1% |
| SBM | 2022-08-28 | [Argentines flocked to buy dollars to protect savings from crisis \| Buenos Aires Times](https://feedsoft.ai/events/40326-argentines-flocked-to-buy-dollars-to-protect-savings-from-crisis-buenos-aires.md) | -5.9% | -6.1% |
| SBM | 2023-04-26 | [Muddle-through is not enough for Argentina as peso faces fresh pressure \| Financial Post](https://feedsoft.ai/events/36676-muddle-through-is-not-enough-for-argentina-as-peso-faces-fresh-pressure.md) | -1.9% | -7.0% |
| SBM | 2026-09-21 | [Particle: Argentina’s Official Dollar Steady as Parallel Rates Rise to Records](https://feedsoft.ai/events/17752-particle-argentina-s-official-dollar-steady-as-parallel-rates-rise-to-records.md) | +2.1% | +2.7% |
| SBM | 2019-11-01 | [Argentina imposes more money exchange restrictions to defend reserves — MercoPress](https://feedsoft.ai/events/56336-argentina-imposes-more-money-exchange-restrictions-to-defend-reserves-mercopress.md) | +0.4% | -4.4% |
| SBO | 2023-03-31 | [Argentina's dollars drain fastest since 2019 as IMF decision looms \| Kitco News](https://feedsoft.ai/events/37154-argentina-and-apos-s-dollars-drain-fastest-since-2019-as-imf-decision-looms.md) | +2.1% | -3.4% |
| SBO | 2026-10-29 | [The dollar continues to rise but is at its lowest level in 10 years · SondeAR](https://feedsoft.ai/events/17345-the-dollar-continues-to-rise-but-is-at-its-lowest-level-in-10-years-sondear.md) | -0.8% | — |
| SBO | 2024-07-31 | [Stocks rise; yields, dollar lower as Fed signals rate cut](https://feedsoft.ai/events/29141-stocks-rise-yields-dollar-lower-as-fed-signals-rate-cut.md) | -1.9% | -2.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/argentina-drought-saps-dollar-reserves-pressuring-fx-crawling-peg-2023-03-22/

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