Argentina's key grains export sector became instantly more competitive on M...
BUENOS AIRES - Argentina’s key grains export sector became instantly more competitive on Monday when the local peso weakened over 15% against the U.S. dollar, but farmers said they would wait to see where the currency settles before selling.
The peso crashed against the greenback after Macri got thumped by Peronist Fernandez in Sunday’s primary vote, a stark early warning for the incumbent 2-1/2 months ahead of the Oct. 27 general election. “The market will look for a new base in coming days. Farmers will wait before selling,” said Gustavo Idigoras, head of the CIARA-CEC chamber of grains exporters.
Macri, an advocate of free markets, has seen his popularity tumble since cutting public utility subsidies, which spurred higher electricity and heating gas bills.
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