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The price of soybeans has jumped 55 percent price in just the second half of 2010 and is now at a 29-month high thanks to dry, hot weather caused by the La Nina pattern that has caused drought in Argentina and Brasil .
Argentina's credit rating and its recently beleagured President Cristina Fernandez are benefitting mightily from the oil seed price surge as the world's third largest producer.
The cost of protecting Argentine debt against non-payment for five years with credit-default swaps has tumbled 41 basis points, or 0.41 percentage point this week.
It has even fallen below contracts for Ireland for the first time and is within 37 basis points of Portugal.
A remarkable turnaround.
