Argentina Suspends Soybean Exports; Mexico’s Bimbo Halts Russia Operations

A roundup of Monday’s news from across Latin America

Bloomberg Línea
March 14, 2022 | 10:35 PM

Bloomberg Línea — Tensions between the Argentine government and farmers have increased again after the Agriculture Ministry suspended the export of soybean meal and soybean oil, in order to evaluate an increase in the percentage of withholding taxes applied to such sales abroad. Soybean meal futures, a key component of animal feed, rose to a seven-year high following the announcement.

Grupo Bimbo, a Mexican bakery with a global presence, has suspended its operations in Russia, a market that represented 0.5% of its net sales in 2021. The decision also means a pause on all new capital and advertising investments in the country, following its invasion of Ukraine.

On the stock markets, Argentina’s Merval (MERVAL) index suffered the worst performance among its Latin American peers, affected both by the performance of U.S. markets and the soybean export suspension.

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Brazil’s Ibovespa (IBOV) slid 1.60% while Mexico’s S&P BMV/IPC (MEXBOL) fell by 0.93%.

Following is a roundup of Monday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.

Argentina:

Brazil:

Chile:

Colombia:

Dominican Republic:

Ecuador:

El Salvador:

Guatemala:

Mexico:

Peru:

Uruguay