首页 News 正文

Argentina's Grain Trade Almost Paralyzed: Drought Causes Soybean Shortage, Farmers Expect New President to Adjust Exchange Rate

帅冰握
1361 0 0

The head of Argentina's main export chambers of commerce said that the grain trade in Argentina was basically paralyzed due to the shortage of soybeans caused by drought and farmers' expectation of adjusting the official exchange rate after the new president took office.
Last Sunday, Javier Mile, the candidate of the Argentine Far Right Election Alliance's "Freedom Forward Party", won the second round of the presidential election and was elected as the next president of Argentina. Mille will officially take office on December 10th local time.
During the election campaign, Mille proposed a series of radical political proposals, including replacing the Argentine peso with the US dollar, ending currency controls, closing the central bank, and significantly reducing government spending.
Later on Wednesday (November 22) local time, Gustavo Idigoras, head of CIARA-CEC, an Argentine crushing and export agency, said: "Today, food trade is paralyzed due to the most severe crop shortage in 60 years, and after Mile's victory, people expect the official exchange rate to adjust soon
Argentina is usually the world's largest exporter of processed soybeans and also the world's top three exporter of corn. The country is also an important exporter of wheat and beef.
Argentina is struggling with triple digit inflation and a declining exchange rate. The country has strict capital controls, with an official exchange rate of 350 Argentine pesos per dollar. However, the exchange rate on the black market is much higher, reaching a staggering 1000 Argentine pesos per dollar last month.
This harms the interests of Argentine exporters, as they often have to remit most of their overseas income domestically at official exchange rates.
Although the Argentine government has introduced exchange rate preferential policies for farmers, providing them with better exchange rates, many producers are waiting to see what Mille will do after taking office. Millay promised to lift currency controls and reduce taxes.
Argentina is experiencing the most severe drought in 60 years, with soybean, corn, and wheat all experiencing varying degrees of reduction in production.
Idigoras stated that due to a lack of soybeans, the production capacity of large crushing plants along the Parana River has significantly decreased. He quoted data as saying, "Currently, the average idle capacity of the crushing plant is 73%, and the idle capacity of the grain port is 75%. We are going through the worst year and worst quarter in history
Idigoras added that due to the inability to continue operations, the crushing plant is providing technical maintenance in advance, and there will be very few active production lines left in the coming months.
Idigoras called on the Argentine government to quickly lift trade restrictions on food, including tax and foreign exchange restrictions, as well as lift export caps and import licensing red tape.
He said, "The Millet government must become the most export-oriented government in history and adopt an active export policy. To this end, they must lift all restrictions on the first day after taking office
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
您需要登录后才可以回帖 登录 | 立即注册

本版积分规则

  •   知名做空机构香橼研究(Citron Research)周四(11月21日)在社交媒体平台X上发布消息称,该公司已决定做空“比特币大户”微策略(Microstrategy)这家公司,并认为该公司已经将自己变身成为一家比特币投资基金 ...
    caffycat
    昨天 11:18
    支持
    反对
    回复
    收藏
  •   每经AI快讯,11月20日,文远知行宣布旗下自动驾驶环卫车S6与无人扫路机S1分别在新加坡滨海湾海岸大道与滨海艺术中心正式投入运营。据介绍,这是新加坡首个商业化运营的自动驾驶环卫项目。 ...
    star8699
    3 天前
    支持
    反对
    回复
    收藏
  •   上证报中国证券网讯(记者王子霖)11月20日,斗鱼发布2024年第三季度未经审计的财务报告。本季度斗鱼依托丰富的游戏内容生态,充分发挥主播资源和新业务潜力,持续为用户提供高质量的直播内容及游戏服务,进一步 ...
    goodfriendboy
    3 天前
    支持
    反对
    回复
    收藏
  •   人民网北京11月22日电 (记者栗翘楚、任妍)2024广州车展,在新能源汽车占据“半壁江山”的同时,正加速向智能网联新能源汽车全面过渡,随着“端到端”成为新宠,智能驾驶解决方案成为本届广州车展各大车企竞 ...
    3233340
    昨天 17:06
    支持
    反对
    回复
    收藏
帅冰握 新手上路
  • 粉丝

    0

  • 关注

    0

  • 主题

    4