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Argentina's central bank (BCRA) adopted Communication A 6770 to regulate foreign exchange flows, effective September 2, 2019. Exporters must convert dollar earnings into pesos within 15 business days for commodities, or 180 days after the shipping permit.
Individuals may buy up to USD 10,000 a month, and individuals' withdrawals and foreign trade payments are unaffected.
Mandatory conversion of export dollars changes how and when Argentine grain, meal and oil exporters receive and hold their earnings, which can affect selling pace and offered supplies. The rule adds policy uncertainty to Argentine export prices.
bcra.gob.arSosa RodrigoSep 1, 2019Not enough comparable past events yet for a historical read.
After 206 past neutral policy events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.3% to +1.8%), and -0.7% over 20.
After 554 past neutral policy events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.4% to +1.6%), and +0.6% 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.
