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  HOME | Argentina

Argentine Government Blasts “Speculation” by Grain Exporters

BUENOS AIRES – The Argentine government “will employ all tools available to put an end to speculative maneuvers” by grain exporters, Cabinet chief Jorge Capitanich said on Wednesday.

“We have had several meetings without achieving a consensus about the total volume (of grains) to export,” Capitanich said during his daily news conference.

Officials and exporters are to meet again late Wednesday to discuss sales targets, as the government considers the volume of grain exports insufficient and sees exporters’ stance “as harmful to the country and to themselves,” the Cabinet chief said.

Farm products are Argentina’s main export, with soy alone accounting for 22 percent of total foreign sales.

Exporters are required to sell their dollar-denominated assets to the Central Bank at the official exchange rate, currently 8.45 pesos, and some in the government suspect grain merchants of manipulating shipments to exploit exchange-rate fluctuations.

 

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