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The Colombian peso fell nearly 5% at the open on Tuesday, its largest intraday drop since late 2008, before closing down about 3% at 4,022.50 per dollar. The MSCI COLCAP stock index closed down 3.82% after falling more than 5% intraday, following leftist Gustavo Petro's presidential election win.
Political risk from a leftist president-elect is driving capital outflows and currency weakness, which raises the cost of imported feed inputs priced in dollars for Colombian buyers. A weaker peso makes USD-denominated feed ingredients like soybean meal and corn more expensive locally.
reuters.comNelson BocanegraJun 21, 2022Not 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.
