20 July 2012

ARGENTINA : Cristina's Economic Forecast : The Good, The Bad...And The Ugly.


      The Good: Because of the worst drought...in the USA's Midwest grain belt since the early 50's...the price of soybeans has surged...sure to help Argentina's balance of payments and shortage of $USDs.
      In Chicago...soybeans on Thursday set a new record of $17.23 per bushel...up 31.2% since 31 May...smashing the old record of $16.85.
     Corn has soared 48.5%...and wheat has spiked 46.5%....since 01 June.
     The Bad: The black market/'blue' exchange rate for the $USD...hit a new high...6.80 pesos per USD.
     The oficial rate was 4.58.
     The Ugly:  Most Argentines believe that the real inflation rate will equal 35.7% in the next 12 months.
     President Cristina Fernandez's 'oficial INDEC' inflation rate...is 9.9%.
     Argentina's 'unoficial' inflation rate now surpasses even Venezuela's...and is among the highest in the world.