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Argentina's peso fell more than 6% in a single day to a record low, extending its decline since April to nearly 27%. The slide came only a week after the country obtained the largest loan in IMF history, and traders criticized the government's policy response.
Persistent peso weakness lowers Argentina's export prices in dollar terms, encouraging farmers to sell soybeans and meal faster, which adds pressure on global soymeal and soyoil prices.
bloomberg.comCarolina Millan, Patrick GillespieJun 14, 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.
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.
