Argentina is offering a higher exchange rate for U.S. dollars brought in through soybean exports until the end of the year. Faced with massive debt, the Argentine government made this decision to increase soybean exports and bring in more dollars. Soybean and Corn Advisor President Michael Cordonnier says the Argentine government is desperate for money. “This is good for the farmers, good for the government, not good for the crushers because the crushers have to compete with the exporters to get supplies to crush. It is just the way the government has to try to function in Argentina. They have to pay back the IMF (International Monetary Fund) in dollars. If you devalue the currency, it makes it that much harder to do; it’s just a financial mess in Argentina.
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