Night-Time Raiders Are Destroying $100,000 Soy Bags in Argentina

Yahoo Finance


Night-Time Raiders Are Destroying $100,000 Soy Bags in Argentina

Jonathan Gilbert20 November 2020, 10:30

(Bloomberg) — Two-hundred-feet long, several-feet high and packed tight with freshly harvested soybeans, silobags that dot the Argentine Pampas this time of year are worth a hefty sum — almost $100,000 a piece at today’s prices.

So when vandals began sneaking onto farms in the dead of the night and taking knives to the bags, exposing the contents to moisture and rendering them worthless, it got farmers’ attention. These sorts of incidents date back years, they say, but never at a clip like this. The attacks have come in rapid-fire succession in recent months, bringing the total for the year to over 150, according to industry groups.

Theories abound as to what’s behind it all. Many center around the growing tension between the leftist government in power in Buenos Aires and rich farmers in the countryside. As the most popular of them goes, the attacks are carried out by pro-government zealots to scare the farmers into exporting their soybeans — generating much-needed dollars for the cash-strapped country — rather than holding on to them for months as a hedge against a tumbling currency and rampant inflation. Government officials dismiss the idea as baseless.

With thanks to the ice age farmer (blog)

Published by technofiend1

Kazan- Kazan National Research Technical University Казанский национальный исследовательский технический университет имени А. Н. Туполева he graduated in Economics in 1982

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