Better late than never 🕜

🇦🇷 It’s never good to be late, but in this case, it comes as a necessary and a much welcomed help! Argentina has authorized exporters to delay soy shipments for up to 60 days. This announcement follows similar decisions for corn and wheat, as the measures give exporters more time to physically ship previously agreed sales, as well as a preferential exchange rate for soy oil and meals (we talked about it here).

🌾 The country has been battling a historic drought that has hindered grain production and inflows of critical foreign currency. So what it needs now is to give incentive to grain exports in order to refill depleted Central Bank reserves while ensuring domestic supply rein in prices – inflation is running at over 100%! For more on Argentina, read this.