Argentina Plans to Weaken Forex Rate for Corn to Boost Exports

Argentina is closing in on a plan to weaken the exchange rate for a fixed volume of corn in a move to bolster exports out of the cash-strapped nation, according to a senior government official.

The exchange rate would be 340 pesos a dollar, said the official who could not publicly discuss the private talks. That’s about 25% weaker than the current rate of 270. Only a limited amount of corn would qualify because Argentina, the fourth-largest corn exporter, has an export quota of 20 million metric tons, or 58% of estimated production, which is subject to change.