The USDA attache in Argentina has revised upwards its forecast for the soybean crop in Argentina, predicting that farmers there will harvest 54.1 million mt of soybeans in the current marketing year due to beneficial weather. The figure from the attache, also known as “Post”, is up 1.1 million mt on its previous forecast in December.
Argentina’s central bank lowered the benchmark interest rate to 38% from 40%, the eighth cut since the middle of December when the country’s new Peronist government came to power pledging to rekindle stalled growth. The bank said the cut was based on signs of slowdown in inflation and aimed to help revive the economy, vital as the country looks to avoid defaulting on its debts.
Argentina’s farmers announced a four-day strike after the government of President Alberto Fernandez increased tariffs on soybean exports just three months after already hitting the agricultural sector with higher taxes. Soybean is Argentina’s biggest export commodity and the government hiked tariffs from 30% to 33% on Thursday.
Mirasol Resources Ltd announced the signing of a Letter of Intent with Golden Opportunity Resources Corp for its Virginia Silver project in the Santa Cruz Province of Argentina. The LOI is subject to customary conditions including exchange approval, definitive agreement drafting as well as to Golden Opportunity completing an equity financing of not less than US$ 1 million within 90 days.
Industrial production dipped 0.1% year-on-year in January, according to data released by the National Statistical Institute (INDEC) on 5 March. The reading contrasted December’s 1.3% year-on-year increase, which had marked the first expansion after 20 consecutive months of contraction.