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Archive for the ‘Argentina’ Category

Argentina – Mid-term elections (August 2017).

The campaign for the August primaries is on (PASO) and politics is starting to monopolise the attention. General elections will take place on October 22. Although activity is recovering and inflation is falling, this is happening too slowly and too unevenly across sectors and regions for most voters to notice by August. The economy may have more political impact in the October election. Mid-term elections will renew half the seats in the Lower House of Congress (127), and a third of the seats in the Senate (24).

The main contenders are the Cambiemos alliance (pro Macri coalition) and the two main opposition groups: the Front for Victory (FpV) coalition of former president Cristina Fernández (2007-15), which remains the strongest adversary to Macri in Congress, and the Renewal Front (FR) coalition led by Sergio Massa, perceived as a more moderate and cooperative faction of the Peronist political movement.

The most interesting contest takes place in Buenos Aires province where former president Cristina Kirchner decided to run for a seat in the Senate. The government needs to show it can beat the former president in her (and Peronism’s) stronghold. It may fail to do so in August, but will probably do it in October. Losing against her would raise the spectre for investors that “Kirchnerismo” and its business-unfriendly policies might return in 2019.

On the other hand, Cristina Kirchner must prove she is still relevant within the Peronist party, and worthy of consideration for a run for the presidency in 2019. Another very important fact is that she would enjoy judicial immunity provided by a Senate seat considering all her current legal troubles.

Argentina – Update on San Bartolo farm activities (July 2017).

Situation/weather: the farm is in very good condition and we have registered more rain then usually which is very good for the pasture we have replanted to enhance ultimately beef production as the unit is dedicated to fattening. Excluding rainfall distribution, our biggest challenge at the farm is the permanent control of the natural vegetation which is typical for the region of Salta (formerly a forest area with a subtropical highland climate).

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You can see below a lot where no chemicals or machinery/manual clearing have been recently applied versus a controlled one.

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As previously indicated, we are working in small-sized lots and increase on a ramp up basis the lots replanted with pasture and used for cattle fattening.

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Cattle operation: we have currently over 3,500 heads of cattle at the farm, all in very good shape as you can see.

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Weaning of baby calves will be done before year end closing, so that the beef production will be enhanced.


Our new farm manger, Juan who joined us after the previous manger of the farm has been promoted to Curupi Pora farm, has a strong experience in managing similar cattle units in Salta region.


Pro-actively, Juan and his team have repainted all outside of the facilities and re-commissioned old used equipments.

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Argentina – Devaluation of peso halted on July 6, 2017 after record highs against the US dollar with an FX of 17,5 (July 2017).

The largest devaluation since President Mauricio Macri‘s administration lifted capital controls  in 2015 came to a halt on July 6, 2017 after the intervention of state-supported and major private banks. For nine consecutive days the peso had climbed against the dollar, starting with an exchange rate of 16.11 pesos to the US dollar on June 26 to a pick of 17.50 pesos, until finally falling back to 17, 27 before the close of markets.

“Article from the Buenos Aires Herald dated 07/07/17”

Argentina – Update on Curupi Pora farm activities (July 2017).

Situation/weather: as previously indicated, the farm has been affected by the recent heavy rains which caused flooding situation and damages in the province of Corrientes. Local authorities are putting in place a plan to help farmers affected by the floods and storms.

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Cattle operation: the farm is now recovering and pretty well for our cattle herd (4,900 heads currently) thanks to the emergency measures taken by the COO of Campos, Mr Gustavo Listello and implemented very efficiently at the farm level by the entire team (management of pastures, land drainage, transfer of the baby calves to Salta in San Bartolo farm which limited the increase in death of this more sensitive category, etc).


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Silage & pasture-fed cattle: Grass-fed beef not only is lower in overall fat and in saturated fat, but it has the added advantage of providing more omega-3 fats (about twice as many omega-3s as a grain-fed one). In addition, meat from pastured cattle is also up to four times higher in vitamin E than meat from pure feedlot cattle. The meat is also more mature and has a more pronounced taste than the one coming from intensive feedlots you can find for example in the US and only grain-fed. A combination of both may be optimal to produce beef.


Here also the ray grass sowed in March has been delayed in development due to the excess rain and floods registered earlier this year.

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Corn silage : 229 ha have been sowed and harvest hasn’t start yet due the heavy rainfalls registered. Yield are also expected to be lower then forecasted (4,75 tons/ha planned). Rain by penetrating in the corn cobs while the plant was developing, damaged the grain as you can see on the pictures.

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Water tank: the construction of the Australian water tank (400,000 liters of capacity) was delayed due to the climate vagaries registered. We will continue construction once the soil will be completely drained. Given all accumulated water and the season, the termination of this new water facility is not currently a priority.

ARGENTINA – Climate vagaries have extended with heavy rains and storms in Corrientes region (May 2017)

From 05 to 25 April (20 days), Corrientes region was facing big storms and rains as you can see on the pictures. 570 mm of rainfall were registered for this month (200 mm for the single day of 25 April) versus an historical monthly average of 189 mm (315 mm were registered in April 2016 which was already a wet month).

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Several roads were affected – here you can see impacts on road n°12 from Corrientes to Possadas. Electricity cuts occurred several times during the month.

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No serious damages were reported so far for Curupi Pora farm and Tata Cue forest (access to the forest is complicated currently). However, we anticipate a contraction in the forecasted beef production of Curupi Pora farm due to animal stress and pasture contraction related to this weather event.

Weather forecasts for end of May so as for June are not encouraging – heavy rainfalls are, again, forecasted. This situation could create delays in silage harvesting (corn) use to supplement the herd in Curupi Pora farm .

Baby calves are the more sensitive category and need food supplementations given their morphology  while awaiting to be to transferred to Salta in San Bartolo farm for fathering process (they need to be in good shape to withstand transport). If weather conditions do not permit silage harvest, we will be forced to purchase food supplementations which has a cost and we might register an increase in death of baby calves.





Argentina – More than $116 Billion has been declared under the tax amnesty program (April 2017)

The program came to an end last week after eight months of window. The results ? more than $116 billion has been declared before the Argentine tax authorities.

The government will collected $9.2 billion in fees paid by those who declared assets in the tax amnesty. This will allow the country to develop infrastructures, renewable energy programs etc. However, argentines are estimated to hold up to $400 billion in tax havens. So argentines have taken a great step forward back in their country. To be followed…

Tax amnesty


Argentina – El Niño is arriving to Argentina and made a stop in San Bartolo farm (April 2017)

After having affected Peru and Colombia, “El Niño” weather natural phenomenon is now impacting all western regions of the southern cone. In Argentina, 7 provinces are already affected.

“El Niño” weather natural phenomenon

In Salta province, where San Bartolo farm is located, we registered more than 300 mm of water in less then 24 hours versus the annual historical average of 776 mm during the 1st weekend of April. The neighbouring villages of Lajitas and Apolinario Saravia are both under water.

Salta´s Floodings

As for San Bartolo farm, the house has been affected so as some internal roads. As a direct consequence, fattening services was temporarily interrupted. This flooding situation forced us to concentrate the herd in some dry plots and reduces also available pasture. As long as this event will remain, its consequences for the farm will remain limited.





Argentina – Update on Curupi Pora farm activities (April 2017)

We register more rainfall in the farm than the usual standard for the period. This rainfall benefits our cattle herd (over 5,000 heads) so as for our corn plantation dedicated ultimately to the animals suplementation. However, those episodes delayed a bit some other sowing activities.

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The farm is dedicated to breeding activity and in this framework, we just successfully sowed 470 hectares of pastures to increase meet production. First step was the aerial application of glyphosate.

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Then 400 hectares of ray grass were sowed via aerial application as you can see below. In addition, 70 hectares of OAT were sowed via land application.

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In order that our herd take full benefit of this program, we are also building a new Australian water tank (400, 000 liters of capacity – 3 meters high) with a minor investment as we try as much as possible to re use existing resources or material available at farm. The tank should enter into service by end of April 2017.

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Argentina – The green oil of Argentina (March 2017)

Forestry resources can highly contribute on Argentina overall energy matrix. Forest plantations for energy purposes represent one of the many strategies used to reduce dependency on fossil fuels.

Bioenergy (forest)

The use of this kind of energy represents currently only 0,11% of the country overall energy matrix but is expected to be multiply by 6. Eucalyptus trees plantations like we have in Tata Cua forest or in Curupi Pora farm which account in aggregate for 160 hectares are a key assets.


Argentina – Cash is coming back to Argentina thanks to the tax amnesty plan (January 2017).

Argentine authorities have announced on 12/29/16 that $90 billion in assets had been declared so far under the government’s tax amnesty plan

The government hopes that funds declared under the tax amnesty will help jump-start growth and investments in the country.

Argentines are thought to have more than $400 billion in undeclared overseas assets. Under the tax amnesty program, they have until Dec. 31 to declare those assets while paying a 10 percent fine to protect themselves from prosecution for tax evasion.

They can still declare until March 31, though the penalty for non-real estate assets will jump to 15 percent. Billions more are expected to be declared, particularly in properties, for which a 5 percent fine would remain unchanged.

So far, the government has collected 82 billion pesos ($5.27 billion) in fees paid by those who declared assets in the tax amnesty.


Diario Clarín

Diario Ámbito Financiero



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