YPF avoids March default with 60% support for key bond swap

Argentina’s state-owned oil company, YPF SA, said it had swapped almost 60% of a key bond due in March, saving the company millions of dollars in debt payments and avoiding a costly default next month. Holders of a total 59.8 percent of a $413-million bond due in March said they would exchange their notes in the swap, according to a company statement. Argentina’s largest energy company also won support from 43% of creditors to exchange its 2024 notes, and 37% of holders of one of its securities maturing in 2025.

Projected $35.9 billion in revenue from increased soybean and corn production

Argentina's soybean harvest will reach 49 million tonnes in 2021, thanks to rains in recent weeks, resulting in projected revenue of $22.5 billion. Maize crops are also expected to increase their production by 2.5 million tonnes to 48.5 million tonnes in 2021, which is expected to bring an income of $7.34 billion. Adding these figures to wheat production revenues, foreign exchange earnings of $35.9 billion are expected to be achieved in the current crop year.

Argentina inflation hits 4% in January on food price rises

Argentina consumer prices rose 4.0% in January versus a month earlier, the country's statistics agency said, flat against December's result and slightly ahead of analyst expectations amid fears inflation is heating up in the country. Rolling 12-month inflation was clocked at 38.5% in the month. The INDEC statistics agency cited price rises in food and non-alcoholic beverages, especially meat, fruits, butter and oil.

Díaz & Forti files for bankruptcy over $400mn dispute with Central Bank

Díaz & Forti, the cereal company of the Olio Group that has two contracts to operate the facilities of the agro-exporting company Vicentin, has filed for insolvency proceedings. Díaz & Forti has had its activity halted, with its registration suspended, due to a prohibition by the Central Bank who accuses it of not having liquidated foreign currency for $400 million, although the company claims that it does not exceed $200 million.