The S&P Merval de Bolsas y Mercados Argentinos (BYMA) index fell 6.1% to 37,990.59 units after negotiations between the government and some creditors to restructure the debt became complicated. Argentine country risk by JP Morgan bank rose 2.4% to 2,603 units.
The latest round of negotiations between the Government and the country’s main debt creditors managed to close the gap to between $6.1 billion and $6.8 billion. In the proposal presented by the Government to the AdHoc and Exchange Bondholders committees, there is a difference in the annual flow of $220 million from 2020 to 2046, if the average gap of five cents per dollar at a 10% exit yield is taken into account. That $220 million implies an estimated difference of some $6.1 billion in the fixed offer made by the Economy against that presented by the more stringent committees.
The 2019-2020 soybean harvest is complete. It reached a total production of 49.6 million tons, with yields of 29.4 quintals per hectare, and planting of 16.8 million hectares. The corn harvest reached 70.7% of the planted area, which means a crop of 4.3 million hectares and the total harvest estimate of 50 million tons is maintained. The wheat planting of the 2020/2021 agricultural campaign already reached 58.1% of the area, amid a dry climate in the northern and western sectors of the farming region, the planting projection is located at 6.7 million hectares, maintaining its annual growth of 1.5%.
Red meat consumption remains at 53 kilos per inhabitant, although poultry and pork purchases are also at record levels. The poultry slaughter grew by 6% in the first quarter of 2020, and poultry production by 7.5%, while exports of the sector increased by 9% and also noted a 5% increase in domestic consumption of chickens, with a historical maximum of 50 kilos per capita annually.
In Buenos Aires, a series of benefits will begin to be applied to promote the arrival of ships and cruises. Among these benefits are progressive discounts that could reach up to 50% of the general rate for the use of the port, which will also be retroactive to January 1, 2020.