Crops Get Cheaper on Argentine Currency Plunge
- Weaker peso seen prompting farmers to sell more of their crops
- Better exchange rate more than offsets higher tax impact
A combine harvester clears a field in San Jerónimo Sud, Argentina.
Photographer: Sebastian Lopez Brach/Getty ImagesThis article is for subscribers only.
Prices for grains slid after Argentina, a major supplier, devalued its currency in a move that could encourage farmers to sell more of their crops into global markets.
Wheat futures for March delivery lost as much as 3% on the Chicago Board of Trade. Corn and soybean contracts with similar maturity dates fell as much as 1.6%.