Loading…
The Argentine peso lost about 20 percent against the dollar in two days, reaching a record low of 39.25 per dollar before steadying Friday. The central bank raised its benchmark rate to 60 percent from 45, and a new spending-cut package was expected Monday.
A sharp peso devaluation lowers Argentina's dollar cost of exporting soybeans and meal, which tends to accelerate farmer selling and pressure world soymeal and corn prices.
cnbc.comSam MeredithAug 31, 2018Not enough comparable past events yet for a historical read.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% 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.
