In October of this year and the midst of the coronavirus pandemic, the government launched a package of economic measures that included a temporary three-month ban on exports from the soybean complex. This reduction ends on the last day of 2020 and will not renew.
The Vila-Manzano-Filiberti Group purchased Edenor from Pampa Energía for $100 mn. Yesterday formalized 51% of the shares of Edenor by Pampa Energía to the group formed by the businessmen Daniel Vila, José Luis Manzano and Mauricio Filiberti. The operation was closed at $95 million in cash, paid in three instalments, plus a "contingent" payment, which would bring the amount to close to $100 million. Edenor operates the largest electricity distribution network, with 3.2 million customers, approximately 20% of the country's total electricity demand.
The soybean price remains in the $460 per ton zone, its highest value in six years despite closing yesterday at a low of $4 per ton. With a rise of around 52% since March, not only did the producer's profitability improve, but it also managed to revalue the crop by over $4.8 billion.
Renewable energy generator Genneia reported its financial performance for the third quarter, highlighting that sales increased in dollars by 21% year-on-year and accumulated $229.2 million in the first nine months of the year. The company also noted that profit before interest, taxes, depreciation and amortisation grew by 25% compared to the same period in 2019.
December would close with a dollar income of less than $1 billion with an annual cumulative under $20 billion, thus showing a year-on-year drop of over 15%. According to the agribusiness sector, the cereal ports' strike throughout the country turned into a knockout blow for the foreign currency settlement in 2020, which was already in decline.
The government plans to capitalise on the new wave of demand for lithium in the short term. It expects to increase the soft metal exports, which currently stands at around $190 million a year, to over $2.1 billion in a decade.
In October economic activity continued on a path of recovery, after the collapse of March and April, as it threaded its sixth consecutive monthly rise: according to the INDEC, the Monthly Economic Activity Estimator recorded a 1.9% increase over September. It showed a contraction of 7.4% in year-on-year terms and thus accumulated a fall of 11.3% during the first ten months of the year.
The external debt's stock reached $272,854 million, at nominal value, in Q3 of 2020, it means a reduction of $3.96 billion concerning the same period in 2019 but an increase of $454 million compared to the second quarter of this year, according to data from the INDEC.
According to the Argentine Meat Exporters, argentine beef exports totalled 825,000 tons from January to November, a year-on-year increase of 10%, although revenues fell by 8% due to the international fall prices.
The soybean price closed at $463.4 per ton on the Chicago market. The Buenos Aires Grain Exchange announced that the 2020/21 cycle's local soybean area could be less than the 17.2 million hectares it estimated weeks ago due to the drought. According to the most conservative projections, the total 2021 crop, including soybeans, corn and wheat, would contribute over $31 billion in foreign exchange, if prices continue to rise, the entire campaign could be revalued by up to $39 billion.