President Mauricio Macri was counting on a near-record soy crop this year to boost economic growth to 3.5 per cent in 2018. “This situation is frustrating because it impedes the government from reaching its expected growth, and it hits other sectors,” said Fausto Spotorno, an economic analyst at Orlando Ferreres & Asociados, a Buenos Aires-based consulting firm. And about a million fewer trucks will be used to transport grain in 2018 compared to last year because of the drought. Soy makes up more than a third of all Argentine exports, and Argentina is the world’s top supplier of soy oil and meal. Many farmers are demanding insurance that can once and for all protect them from inclement weather.

Source: National Post April 03, 2018 03:56 UTC