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LatinNews Regional Monitor: Brazil & Southern Cone - 06 July 2018

TRACKING TRENDS

ARGENTINA | Drought causes economic losses in agriculture. On 28 June the Bolsa de Cereales de Buenos Aires – the Buenos Aires grain exchange – revealed that Argentina would lose US$5.895bn, or 0.86% of GDP, due to lower harvests of soybean and maize caused by drought. The country is one of the largest producers and exporters of grain in the world, but 27m tonnes (t) of produce will be lost due to bad weather. According to forecasts, 32m t of maize will be produced in 2017/18, some 22% less than predicted, while a soybean harvest of 36m t will represent a loss of 33%. Reduced production only partly explains the financial losses, which were worsened by falling prices on international markets following the publication of results from 2016/17.

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