A historic drought ravaging Argentina's crops is deepening the grain exporting giant's economic crisis, crushing farmers across the Pampas, heightening default fears and putting at risk targets agreed with the International Monetary Fund (IMF).
"It's unprecedented that the three crops fail. We are all waiting for it to rain," he added.The drought is a huge blow for Argentina. It comes as the country heads for crunch general elections in October, is battling 99% inflation and faces a wall of local and international debt repayments to bondholders and the IMF.
"The situation is dramatic," said Luis Zubizarreta, head of the commercial ports chamber and soybean industry body. "It impacts the country's entire economic situation and the income of foreign currency at a very critical moment for Argentina." The grains exchanges have warned that soy and corn forecasts could fall even further if no rains come. The Rosario exchange's soy forecast is already at the lowest since the 1999/2000 season and the expected yield the worst since 1996/97.
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