Month: August 2020

Argentina launched SAOCOM 1B, a satellite that will generate between $61 mn and $88 mn

The satellite will have three strategic applications: fertilizaron, fusarium (a disease that affects wheat) and early flood warnings. It will yield benefits of between 4.5 and 6.5 billion pesos ($61 to 88 mn) annually. Eight hundred Argentine scientists. More than ten years of development, and $600 million invested in one of the most ambitious projects in Latin American satellite history. SAOCOM 1B (Argentine Microwave Observation System) was sent into space to become the eyes of the Argentines in the sky. It will be in charge of observing the earth and scanning it.

The soybean accumulated rise of more than 5.2%

The soybean accumulated a rise above 5.2%, its highest weekly increase since May 2019. It, amid forecasts of dry weather in the U.S. Midwest, which threatens to hamper the harvest in its final stages of development. Corn futures closed higher, ignoring initial weakness, due to strong export demand, while wheat futures fell in a profit-taking round at the end of the week.

Argentina is one of the ten countries with the highest net loss of forest, with 6.5 million hectares in the last two decades

In recent days, images of fires throughout the country have affected the collective sensibility of an environmental catastrophe. It is not a temporary situation, but the consequence of a long process whose causes (economic, climatic, political, social) has led to the deforestation of 6.5 million hectares in the last two decades. Argentina is one of the ten countries with the most significant net loss of forests. According to satellite monitoring by Greenpeace, 21,275 hectares of native forests deforested between March 15 and June 30, 2020. In the case of Cordoba, more than 14,000 hectares were affected by the impact of fire – 95% intentionally – and the vast majority were the result of burning to expand agricultural and livestock activity and monoculture.

Vicentin: debt with Dutch banks exceeds $245 million

Vicentin’s default became a matter of state for Holland because the leading banks of the European country (Rabo, ING, ABN Amro and the government agency FMO) accumulated a debt of more than u$s245 million, that is, Dutch financial entities provided 50% of the credits taken abroad by the Argentine agro-exporter.

The Central Bank sells foreign currency and accumulates a negative balance of $1 billion in August.

The sovereign debt swap expires this Friday 28th and will serve as a yardstick for the interest and confidence of savers. On the exchange plane, the gradual rise of the official dollar continues, regulated by the sale of BCRA reserves that reached $1 billion in August, while the alternative quotations of the cash with liquidation and the MEP dollar dropped again. Dollars traded on the stock exchange added up to a 7% drop on four wheels.

Meat exports fell 6.9% in July

Beef exports fell 6.9% year-on-year last July as a result of a sharp 23% drop in market prices during the pandemic. In July, meat sales abroad reached $226.1 million, while in the same month of 2019, they had reached $243 million. In volume, meat sales abroad rose 20.9%, which could not capitalize on with fair prices. China continues to be the leading destination for Argentinean meat, and the United States was in fourth place.