Argentina’s agriculture stands to lose $5 billion this year in soy, corn, wheat and beef exports due to the drought of the last few months. According to the National Weather Service, there hasn’t been this little rain since 1971.  While neighboring Uruguay has declared a national emergency, President Cristina Fernandez has resisted. She has lowered export taxes and granted $66 million in subsidies, but many say this is not enough.  Farmers expect losses of 44% in wheat and 27% in corn. This, coupled with the billions of debt payments owed by Cristina’s government does not bode well for the fiscal year.
Via: The Seattle Times
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