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Government Prepares Rescue Package For Farming Sector

BRAZIL
  • USDBRL remains in the 4.90-5.00 range it has been in since mid-January, despite the decline in iron ore prices over the period, with the currency anchored by still high carry. USDBRL one month implied volatility remains close to multi-year lows, at 9.355%. The aforementioned levels remain the key short-term technical parameters.
  • On the data front, the domestic calendar is light today, with no releases scheduled. Focus turns to January retail sales tomorrow, ahead of next week’s monetary policy meeting, when the BCB is expected to cut by another 50bp to 10.75%. In the meeting schedule, Finance Minister Haddad will meet with the Sao Paulo State Governor at 1300GMT(0900ET), followed by the President of UNCAB at 1430GMT and the communications minister at 1930GMT.
  • In other news, the government is preparing a rescue package for farmers in default and agricultural companies struggling with tumbling corn and soybean prices, according to Carlos Favaro, the minister of Agriculture and Livestock. The government is working with state-owned bank BNDES to fund additional credit lines to help refinance debts. Further details will be announced this month, he said.
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