Devaluation in Argentina pushed the Novillo Mercosur index down

Published Nov 24, 2023

Tridge summary

The Argentine government approved a devaluation for exporters, causing the value of the export steer to decrease significantly and putting pressure on the Mercosur Steer Index. In Argentina, the devaluation was 21.5%, leading to a 70 cent decrease in the price of the export steer. In Brazil, there was a slight devaluation of the exchange rate causing a 2 cent decrease in the average value of the export steer.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Faxcarne | A new devaluation approved by the Argentine government for exporters caused the dollar reference of the export steer in that country to fall sharply and put downward pressure on the Mercosur Steer. The Mercosur Steer Index lost 15 cents on the dollar in the week to US$3.10 per kilo carcass. In Argentina, the devaluation during the week was 21.5%, which caused the export steer to fall by 70 cents to US$3.47 per kilo carcass, for the moment including the 9% tax on meat exports. In this way, Argentina comes closer to other regional references. In Brazil, a slight devaluation of the exchange rate caused the average value in the main exporting states to lose 2 cents in the week to US$2.97 per kilo carcass. In ...

Source: Elagro