News of drought

Brazilians choke as fire smoke blankets 80% of country

30-09-2024 16:44 Brazil is suffering the effects of a multiplication of fires from north to south in the midst of an extreme drought linked to climate change.

agriculture & economy

Bug plagues crops in setback for Milei’s recovery plan

17-04-2024 16:49 Argentina corn farmers had high hopes for this season’s harvest. Now a bug is getting in the way.

IMF DEBT PROGRAMME

IMF to postpone Argentina review to give Milei more time

31-01-2024 12:28 Troubled nation’s quarterly review, scheduled for September, will move to November, according to Reuters. If confirmed, it would give the government greater scope to implement economic changes and potentially negotiate a new programme.

AGRICULTURE & ECONOMY

Argentina's best soy crop in five years set to be boon for Milei

11-01-2024 16:59 Argentina is on course to produce its best soybean crop in five seasons – 52 million metric tones.

AGRICULTURE & ECONOMY

Argentina set to double wheat sales to Brazil on rebounding crop

07-12-2023 21:00 Argentina is poised to more than double its shipments of wheat to Brazil, displacing competitors including Russia in the key global agriculture market.

AGRICULTURE & ECONOMY

Argentina running out of soy adds to next president’s economic woes

16-11-2023 19:05 After the worst drought in six decade, farmers are running out of the very commodity that fuels Argentina’s economy.

Election 2023: the rural vote

On the pampas, farmers are all in on Milei

10-11-2023 13:06 Argentina's agriculture industry — which accounts for 20% of gross domestic product — portrays the coming election as existential. And the preference of many rural producers is Javier Milei.

AGRICULTURE & ECONOMY

Foreign currency income from agroindustry down 50% so far this year

03-11-2023 15:40 Impact of severe drought illustrated by lack of income – as much as US$20 billion might be lost this year.

AGRICULTURE & ECONOMY

'Soy dollar' back with 25% foreign currency available to exporters

05-09-2023 12:17 Fifth edition of the 'Export Increase Programme' this time does not include unique exchange rate; Applies to exporters from last 18 months; Details of the new decree and the sector's reaction.

MASSA IN WASHINGTON

Argentina says IMF to allow currency intervention to hold range

23-08-2023 22:42 IMF to allow Argentina to intervene in currency markets if peso drifts above or beyond a certain range, says Economy Minister Sergio Massa.

IMF DEBT PROGRAMME

IMF board approves US$7.5-billion disbursement for Argentina

23-08-2023 14:46 Spokesperson for Economy Minister Sergio Massa says IMF's executive board has approved release of US$7.5 billion in funds to Argentina.

Economy

Argentina's trade gap hits record as drought foreshadows recession

20-07-2023 13:58 Argentina's worst drought in history led to a record trade deficit in June, raising recession fears as the economy faces a 3% contraction in 2023.

ENVIRONMENT

Race against time to find fresh water for Uruguay's capital

14-07-2023 10:11 Uruguay is frantically laying pipes and digging wells as it races to find fresh sources of precious H2O amid a record drought.

AGRICULTURE

Argentina’s wheat area cut even as rains improve crop conditions

13-07-2023 15:54 Wheat plantings in Argentina will cover an area of 5.4 million hectares, 200,000 hectares less than estimated in June, with production now seen at 15.6 million tons, according to the Rosario Board of Trade.

Agriculture

Drought slashes 2022/2023 soybean production by 51.5%

04-07-2023 16:56 Impact of punishing drought on Argentina’s crops laid bare as new report reveals soybean production came in at 21 million tons – less than half of last year’s harvest.

DROUGHT EMERGENCY

Thirsty Uruguayans launch quest to find underground water

11-06-2023 09:11 Water shortages in Montevideo, Uruguay's most populous city, remain "very critical"; Lacking freshwater reserves for the capital and its surroundings, drilling is underway to tackle the crisis.

IMF DEBT TALKS

IMF ‘evaluating’ new government measures as talks continue

18-05-2023 20:41 International Monetary Fund says they are still "evaluating the measures" announced this week by Argentina’s government, as negotiations over changes to the country’s multi-billion-dollar credit-line advance.

IMF DEBT PROGRAMME

Massa: IMF sees drought is ‘game-changer’ for Argentina

11-05-2023 16:48 International Monetary Fund spokesperson gives little away about talks over redrawing of multi-billion-debt deal in wake of historic drought, rebuffing questions from reporters over whether delivery of funds will be brought forward.

URUGUAY

Uruguay leads Latin America with first rate reduction

19-04-2023 21:06 Uruguay becomes first inflation-targeting country in Latin America to start lowering borrowing costs after economy entered technical recession towards end of last year.

IMF DEBT PROGRAMME

Argentina and IMF to rework US$44-billion deal as drought hits economy

15-04-2023 12:48 Argentina and the International Monetary Fund are going back to the drawing board again over US$44-billion programme as concerns increase that record drought will push the country into recession.

IMF ASSESSMENT

IMF says Argentina’s drought is worse than expected for growth

14-04-2023 11:13 “The more data we see, the more serious that shock seems to be on the country,” admits Nigel Chalk, IMF acting director for the Western Hemisphere.

DEBT DEAL

‘Severe drought harming Argentina’s population,’ admits IMF chief

13-04-2023 18:09 Brazil’s President Lula claims International Monetary Fund is choking Argentina’s economy as it struggles to comply with its US$44-billion programme.

AGRICULTURE & ECONOMY

Argentina's maize and soybean harvest forecast trimmed again

11-04-2023 18:12 Argentina's soybean and corn production will be lower than previously thought due to drought, predicts US government, as it lowers forecasts for soybean crop to 27 million tons and maize to 37 million tons.

EXCHANGE RATE SCHEME

Governors push back on criticism of Massa’s ‘dolár agro’ scheme

06-04-2023 19:27 New plan offers a rate of 300 pesos per greenback for agro-industrial exports; Governors push back from criticism from agricultural producers.

ECONOMY & AGRICULTURE

Historic drought adds to Argentina’s economic woes

06-04-2023 15:26 Argentina's worst drought in almost 100 years is decimating critical soy, wheat and corn production, damaging the income of farmers, producers – and the government.

POLITICS & ECONOMY

Mixed reaction as Massa looks to boost reserves with ‘dolár agro’ rate

06-04-2023 01:09 Economy minister unveils Programa de Incremento Exportador, otherwise known as a third incarnation of the ‘soy dollar’ scheme; New plan will offer a rate of 300 pesos per greenback for agro-industrial exports and introduce automatic benefits for producers affected by drought.

DOLAR AGRO

Argentina rolls out special exchange rate to prop up reserves

05-04-2023 19:16 Argentina will once again introduce a temporary exchange rate for soybean exports and other products in an elaborate attempt to shore up dwindling Central Bank reserves amid a devastating drought.

OPINION & ANALYSIS

A country which always depends on the rain

04-04-2023 11:08 While rainfall at times this year has eased the panorama, losses of US$12 billion to US$15 billion are forecast for Argentina's export earnings due to drought. An analysis of the last 70 years indicates that climatic phenomena like La Niña can strongly affect Argentina’s economy and damage sitting governments, as poor harvests did for Fernando de la Rúa (2000-2001), Cristina Fernández de Kirchner (2008-2009) and Mauricio Macri (2017-2018). What could happen in the October elections?

POLITICS – ANALYSIS

Can they regain control?

01-04-2023 00:06 Once again, Argentina’s deep fragilities have surfaced as much-needed reform was replaced with kicking the can down the road, meaning that what could have been a relatively stable mediocrity all the way to the elections could be replaced with frequent turbulence.

by Agustino Fontevecchia

NEW EXCHANGE RATE

Argentina debuts ‘Dollar Malbec’ to aid exports amid drought

31-03-2023 10:16 Economy Minister Sergio Massa confirmed Thursday he’s rolling out a temporary, subsidised exchange rate for wine and other agriculture products, dubbed the “Dollar Agro” or “Dollar Malbec” by the local press.

NEW RATE ON WAY

Massa announces new 'dolár agro' exchange rate

30-03-2023 23:20 Argentina looks set to unveil yet another new exchange rate – Sergio Massa's new 'agro dollar' will be used for agricultural products and is another bid to boost Central Bank reserves.

WINE PRODUCTION

Race against time to rescue Argentina’s wine grapes

23-03-2023 00:52 Argentina's grape 2023 harvest will not exceed 15.4 million tons, according to projections by the National Institute of Vitiviniculture (INV). That's 40% less than a normal year.

Agriculture

Argentina soy crop forecast slashed to smallest on record

20-03-2023 10:51 Buenos Aires Grain Exchange slashes soy crop forecast to 25 million metric tons, potentially the smallest harvest since it began keeping records in 2001.

EDITORIAL

Problems amassing for Massa

18-03-2023 03:43 In contrast to 2022, this year thus far has brought in little other than bad news for Sergio Massa, while taking a distinct turn for the worse in recent days.

HEAT & DROUGHT

Extreme heat and drought: Argentina suffers its most scorching summer on record

09-03-2023 15:22 Argentina is enduring this year's hottest summer on record, with record temperatures and lack of rainfall damaging agriculture and keeping the country under a weather alert.

DROUGHT

Argentina’s worst drought in memory lands new blow to economy

09-03-2023 13:36 Gross domestic product in South America’s second-largest economy, which desperately needs US dollars, will shrink 3 percent this year, worse than the previous forecast for a 1.5 percent contraction, as one of the worst droughts in recent memory ravages crucial farm exports.

ECONOMIC OUTLOOK

Argentina to face deeper 2023 contraction on drought, Itaú says

08-03-2023 21:26 Drought will lead to a larger economic contraction in 2023 than previously anticipated, according to analysts at Itaú

Agriculture

Soy climbs as USDA slashes Argentina's crop estimate by 20%

08-03-2023 21:23 Maize and soybean crops in Argentina are in even worse shape than previously thought, according to US estimates.

Agriculture

Report: Drought to slash Argentina’s exports by US$20 billion

06-03-2023 13:50 Technical report by the CREA agricultural group projects soy harvest will fall 38% from last season, with maize down 30% and wheat down 37%.

ECONOMIC OUTLOOK

JPMorgan sees economy facing prospect of hard landing

28-02-2023 09:20 Argentina’s economy is facing the prospect of a “hard landing” scenario this year as a crop drought deepens expectations of a larger downturn, according to JPMorgan.

VALENTINE PRICE HIKES

Little Valentine's Day joy as inflation pushes gift prices up 120% in a year

14-02-2023 11:43 Flowers head the top of the soaring increases, while dining out, and home-delivered breakfasts and dinners also show significant rises.

AGRICULTURE

Argentina’s soy harvest set for 14-year low amid punishing drought

10-02-2023 10:56 Major losses from harvest anticipated due to ‘worst drought in 60 years’; Forecasts slashed for soy, maize and wheat crops.

BLAZES CONTINUE

Chile declares curfew in fire-ravaged regions

09-02-2023 17:13 Chile's fires remain uncontrolled one week in, despite relentless efforts. Flames have claimed lives of 24, injured 2,180, and completely destroyed 1,180 homes and left 5,560 people homeless.

CHILE WILDFIRES

New areas under threat as Chile fires rage and mercury rises

08-02-2023 12:29 Forest fires that have killed 26 people and left thousands homeless in south-central Chile in the past week threatened new regions Tuesday as temperatures soared. Some 5,600 firefighters, the majority of them volunteers, are battling 81 blazes out of 301 still burning, according to authorities.

AGRICULTURE & ECONOMY

Report: Losses from severe drought could exceed US$10 billion

20-01-2023 13:00 Economy Minister Sergio Massa meets with Mesa de Enlace to discuss the situation as soybean crop estimates are slashed; Agricultural losses for farmers expected to total US$10 billion, could knock two points off GDP this year.

AGRICULTURE

Drought-busting rains come too late to salvage Argentina's soy

17-01-2023 16:31 Rains heralding the end of the devastating La Niña drought may come too late to prevent Argentina's soybean crop from withering.

AGRICULTURE & ECONOMY

Argentine grain harvests threatened by persistent drought

16-01-2023 17:53 Drought fears realised as Argentina loses half of soybean crop in main growing area; Experts warn that "economic losses will be substantial," with grain exports expected to slump by 21% in "best-case" scenario.

Devastating Drought

Satellites suggest Argentina’s soy crop will be lowest since 2018

12-01-2023 15:57 Extreme drought is devastating soybean crops in Argentina and could result in the smallest harvest in more than a decade.

And that reminds me…

Dry rot or drought rout

17-12-2022 05:32 Argentina’s numerous crises are invariably a fertile field for extended analysis by pundits and economists but this columnist would argue that in many cases the causes can be reduced to a single word – drought.

by Michael Soltys