Bloomberg Línea — Higher fuel prices and freight costs have made it too expensive to export soybeans from Brazil, the world’s largest supplier, according to Cargill, one of the world’s largest oilseed trading companies. The cost of exporting soybeans this season exceeded Cargill’s estimates for freight rates by at least 25%, squeezing margins, according to Paulo Sousa, who heads Cargill’s operations in the country.
Colombia’s President Iván Duque announced Monday that, as of May 1, the use of face masks in enclosed spaces will no longer be required, although it will be necessary in places such as hospitals and schools, and the lifting of the law will not immediately apply to the entire country.
All the region’s main stock markets closed with losses on Monday, with the sharpest decline registered in Peru, whose S&P BVL Peru fell by 4.36%, its deepest drop since July of last year. Brazil’s Ibovespa (IBOV) and Mexico’s S&P/BMV IPC (MEXBOL) also closed lower.
Following is a roundup of Monday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.
Argentina:
- Two major workers’ unions in Argentina will call strikes this week, on separate days, to demand salary increases, meaning some regions in the interior of the country will not have bus services for 48 hours as from Tuesday, while on Thursday banks will remain closed nationwide.
- President Alberto Fernández’s government currently has a 40% approval rating, against a 60% disapproval rating, according to a survey conducted by Poliarquía, one of Argentina’s main political consulting firms.
Brazil:
- Higher fuel prices and freight costs has made it too expensive to export soybeans from Brazil, the world’s largest supplier, according to Cargill, one of the world’s largest oilseed trading companies. The cost of exporting soybeans this season exceeded Cargill’s estimates for freight rates by at least 25%, squeezing margins, according to Paulo Sousa, who heads Cargill’s operations in the country.
Colombia:
- Colombia on Monday took steps toward easing measures imposed to stem the pandemic. President Iván Duque announced that, as of May 1, the use of face masks in enclosed spaces will no longer be required. However, this does not apply to the entire national territory or in all spaces, with mask wearing still to be obligatory in hospitals and schools.
- Barranquilla-based company Tecnoglass announced that it will transfer its shares from Nasdaq to the New York Stock Exchange, the largest stock market in the world in terms of market capitalization.
Ecuador:
- Ecuador continues to struggle to reach agreements to place its crude oil futures sales. Although there are contracts in place with oil creditor companies, the government is looking for a way to change the situation in its favor, since the country has faced losses of almost $5 billion and is in talks with Petrochina and Thai state-owned oil company PTT to try to extend the delivery time of its crude.
El Salvador:
- The Salvadoran government has extended for 30 days the state of emergency, or ‘exception regime’ imposed to allow it to combat the ‘maras’ or gangs with mass arrests. The Legislative Assembly ratified the decree with 67 votes out of a possible 84, in a session held on Sunday night.
Mexico:
- Grupo Bimbo (BIMBOA), the world’s largest international bakery, has agreed to sell Ricolino, its confectionery business, to Mondelēz International (MDLZ), a move that will allow it to focus on the core bakery and snacks business.
- Mexico’s President Andrés Manuel López Obrador said Monday that next week he will present a program to address food price inflation as a means of controlling the prices of basic consumer products for Mexicans.
