Floods in Brazil bring unexpected good news to Milei

Floods in Brazil bring unexpected good news to Milei
Floods in Brazil bring unexpected good news to Milei

The historical floods In the south they left a catastrophe, although some smiles could be seen in the Casa Rosada. It turns out that the water crisis affected the crops in the neighboring country and skyrocketed the prices of soy.

After having been quoted in April at values ​​close to US$400 per ton in the first days of May, it rose to US$458, although it stabilized at values ​​close to US$450 in recent days, after a fall in 2023 from values ​​close to US$450 per ton. the US$525. This upward movement occurs right in the middle of the liquidation of the harvest and can contribute more dollars to the needy official coffers.

The jump in the last few days of the CCL dollar, which is part of the component of the agricultural settlement price, can also be read as an incentive for the countryside to bring grains to the ports and finally calculate the settlement of withholdings, in addition to bringing dollars for the Central Bank.

Floods in Brazil.

The floods in the state of Rio Grande do Sul, the second soybean producing state in Brazil, would have caused the loss of between 15% and 30% of the harvest. The projection was 21 million tons, but after the accumulated 450 mm in the month of May, it is estimated between 3 and 7 million tons less.

According to data from the National Supply Company of Brazil (Conab), without the climate catastrophe in Rio Grande do Sul, Brazilian soybean production would have exceeded 148.4 million tons, but now the projection shows 147.68 million tons , a reduction of 4.5% compared to the previous harvest.

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