According to the Manufacturing Industrial Production Index prepared by INDEC, it showed a monthly growth of 0.7%, thus registering its fourth increase in the last five months. The increase was even higher in year-on-year terms due to the low comparison base due to the beginning of the quarantine the previous year: it was 32.8%. However, when compared to March 2019, there was an increase of 10.7%.
In March, the construction sector recorded its second consecutive monthly decline, dropping 0.5%, even though due to the low base of comparison, the year-on-year figure showed an increase of 97.6%. In this context, the accumulated figure for the first quarter shows an improvement of 42.4%.
The Mastellone group, the La Serenísima dairy brand owner, reported losses of 828.3 million pesos ($8.83 mn) in the first quarter of the year due to controlled prices. The results continue affected by the impossibility of increasing prices in line with the evolution of costs during the whole period. The country's largest dairy company reaffirmed its intention to refinance the debt maturing in July.
With a jump that more than doubled the price of corn, from $130 to $299.6 per ton last year, it has a decisive impact on chickens and eggs, on dairy products and is changing the way of producing meat: cattle are leaving the feedlot pens to graze in the fields. The price doubled in one year due to the drought in the USA and Brazil and sustained world demand for food. In Argentina, this is excellent news from the point of view of dollar income from exports, but domestic food prices threaten to continue rising.
Banco Provincia announced that the Buenos Aires entity already has funding of 6,000 million pesos ($63.97 mn) to finance agribusiness at the beginning of the new fine sowing season, with wheat and barley as protagonists of a campaign that is about to start with a nationwide investment of $1.91 billion. At the national level, winter sowing promises 23 million tons for a value of $3.79 billion in exports by the end of the year.