Argentina’s soybean harvest for the 2019/20 season is forecast at 53.1 million tonnes, 2.1 million tones over the estimated in October, according to the Buenos Aires Cereals Exchange. Favourable soil moisture levels in main planting areas completed earlier this month are behind the improved prospect. Conditions for oilseed and corn also remain good.
Argentina President Alberto Fernández issued a decree extending a freeze on diesel and gasoline prices until the end of February, saying that “a comprehensive analysis of tax update” will be carried out until then. The freeze was implemented by predecessor Mauricio Macri in August and already extended by Fernández in December. Fuel prices increased an average of 41.8% during 2019.
The Argentine government informed the sovereign debt negotiation schedule indicating that it will present its restructuring offer in the second week of March. A round of informational meetings will follow and in the last two weeks of that month, the expiration, closing and settlement of the offer will take place. The Senate is expected to pass the debt sustainability law next week after receiving approval in the lower house.
Argentina President Alberto Fernández begins his second international trip as head of state visiting Italy, Germany, Spain, and France, seeking support from their leaders for debt renegotiations with the International Monetary Fund (IMF). In his first scale in Italy he will meet with fellow countryman Pope Francis at the Apostolic Palace, and afterwards with Italian President Sergio Mattarella, before heading to Berlin.
The International Monetary Fund excluded the outlook for Argentina in its latest report of expectations for Latin America and the Caribbean, due to the current “uncertainty” about its policy, said the director of the Department of the Western Hemisphere, Alejandro Werner. Until the next April review, the financial body will keep its October projections of a 1.3% drop in 2020 and an improvement of 1.4% in 2021.