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, 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 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 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.