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The Argentine peso tumbled 7.83 percent to 23 per dollar after the central bank hiked its rate to 30.25 percent from 27.25 percent. The move followed a holiday, with the peso having touched 21.2 per dollar earlier.
Sharp peso swings change Argentine export pricing and farmer selling behavior, which can pressure world soymeal and corn values.
reuters.comMay 3, 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.
