U.S. soy bounces as Argentina suspends export registrations

U.S. soybean futures on Wednesday extended a rebound from a sharp drop earlier this week after the Argentine Ministry of Agriculture suspended the registration of agricultural exports until further notice. The movement was seen as foreshadowing a jump from 30% to 33% in grain export tariffs that Alberto Fernández’s government might announce this weekend, thus shifting exports to the United States.

Central bank lowers interest rate to 40%, 23 points in two months

Argentina’s central bank (BCRA) cut to 40% from 44% the benchmark interest rate (Leliq), the seventh time in 70 days since president Alberto Fernández took office in December. “The decision was taken based on the deceleration in the inflation rate, and the prospect of this trend continuing,” the bank said in its statement. On another resolution the BCRA put a cap of 55% to credit card interest.

Bolsonaro suggests first meeting with Fernández on March 1 in Montevideo

The presidents of Brazil, Jair Bolsonaro and Argentina, Alberto Fernández might hold their first meeting on March 1 in Montevideo, when they attend the inauguration ceremony of new Uruguay president, Luis Alberto Lacalle Pou. Bolsonaro made the suggestion of the place and date when he received in Brasilia on Wednesday, the Argentine Foreign Minister, Felipe Solá, the first sign of reducing tensions between both heads of State, of opposing ideologies

Brazil and Argentina discuss bilateral trade and diplomatic wounds

Brazilian President Jair Bolsonaro on Wednesday hosts Argentina’s Foreign Affairs Minister Felipe Solá, who will also meet his counterpart Ernesto Araújo. They will discuss bilateral trade, the Mercosur customs union and Venezuela, according to official sources in Brasilia. Relations between the two key trade partners worsened late last year as Bolsonaro’s far-right administration clashed with Alberto Fernandez’s left-leaning government.

Merkel pledges support to Argentina in debt negotiation

German Chancellor Angela Merkel promised to find ways to help President Alberto Fernández in the renegotiation of Argentine sovereign debt with the IMF, during a dinner at the headquarters of the Ministry of Foreign Affairs in Berlin. During the meeting, the Argentine finance minister, Martín Guzmán, explained some aspects of the plan toward a "sustainable" debt that he will present in Congress next week.

Fernández visits Israel on his first official travel abroad

President Alberto Fernández travels to Israel on his first official visit as head of state to participate this week in the International Leaders Forum in Commemoration of the International Holocaust Remembrance Day and the Fight against Anti-Semitism. About 40 world leaders and the vice president of the United States, Mike Pence, will attend this meeting. Governor of Buenos Aires province Axel Kicillof is also part of the Argentine delegation.

Alberto Fernández sets March 31 deadline to renegotiate debt

President Alberto Fernández said he has set a March 31 deadline to renegotiate Argentina’s rampant public debt and that a more “innovative” International Monetary Fund approves of the direction his government is taking.“That is the ceiling we have set, because there are significant maturities,” Fernández said in an interview with the online news site El Cohete A La Luna.

Argentina begins formal negotiations with the IMF

Argentine representative Sergio Chodos takes office this week in Washington as the new director of the Southern Cone before the IMF. During meetings with Kristalina Georgieva and Luis Cubeddu, he will formally present President Alberto Fernández' proposal for paying off $ 44 billion of the stand-by credit agreed in 2018.