Day: May 1, 2020

Moody’s 162 bond fund ratings concluded and downgraded to Caa1 from B2.

Moody’s Latin America Agente de Calificación de Riesgo (“Moody’s”) has taken rating actions on 162 rated bond funds in Argentina. For all, the review for downgrade initiated on September 6, 2019, has been concluded. Moody’s 162 bond fund ratings reflect the maturity-adjusted weighted-average credit quality of the underlying investments in the bond funds’ portfolios, capped by the Argentinian local-currency country ceiling that was downgraded to Caa1 from B2.

Car sales fell 88.3% compared to the same month in 2019

April was the worst month in automotive history, with a fall of 88.3% compared to 37,321 units of the same month in 2019, while the accumulated of the first quarter showed an annual loss of 46.3%, falling to 94,849 units. Total sales for 2020 projected to be around 200,000 units, a decline from 2003 and 2004.

Soybean harvest projection kept output figure static at 49.5 million mt.

Soybean harvest continued at a solid pace despite heavy rainfall over the last week, leaving just over a third of the area still to be harvested. The average yield of the harvested corn held steady during the week, keeping production on course for 50 million mt. The bean harvest will hit 68.2% complete during the week ending April 30, up nearly 12 points on the week and nearly 9 points ahead of last year’s pace, BAGE said.

Wheat yields projected to be above 20-21 mn tonnes

The 20/21 campaign started with the wheat that is rising and, although it does not promise growth in cultivated area, it would remain around 6.5 million hectares, it can again achieve extraordinary yields, reaching more than 20-21 million tons, of which at least 15 million are exported.

International reserves lost $16 mn in April, and the dollar rose to 41.3%

The BCRA’s International Reserves rose Thursday by $23 million to $43.57 billion. However, due to the monetary authority’s selling position during the last weeks, April’s net balance showed a $16 million loss. The unofficial dollar, “the blue”, rose 41.3% in the month, and the price of the stock dollar rose 30.6%, leaving a spread of 68% against the official currency.