Argentina’s wheat planting area will probably shrink to the smallest in at least half a century, according to forecasts by the Bahia Blanca Cereals Exchange. The exchange estimated the planting area for the 2012-2013 season at 3.53 million hectares, a 24 percent reduction compared with the previous crop.
WHAT TO WATCH:
* President Cristina Fernandez de Kirchner will attend the 158th anniversary of the Buenos Aires Stock Exchange and will confirm tomorrow’s payment of $2.2 billion in bonds known as the Boden 2012, Economy Minister Hernan Lorenzino said yesterday.
* Tenaris SA (TEN), the world’s largest maker of seamless steel pipes, will hold an earnings conference call today at 11 a.m. local time after late yesterday releasing second-quarter 2012 profit that beat analysts’ expectations.
* The Ministry of Economy may report July’s government tax revenue.
* The Merval (MERVAL) Index was little changed yesterday at 2,399.58. Telecom Argentina SA fell the most, dropping 0.7 percent to 15.4 pesos. Petroleo Brasileiro SA (PETR4) gained 1.3 percent to 67.25 pesos.
* The peso rose 0.1 percent to 4.5794 per dollar. The peso in the unregulated market added 0.71 percent to 6.7304 per dollar.
* Warrants linked to economic growth remained unchanged at 10.10 cents.
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