Argentina Is Nationalizing One of World’s Biggest Soy Suppliers

Argentine President Alberto Fernandez dipped into the play book of his deputy, Cristina Fernandez de Kirchner, with a plan to seize crop trader Vicentin SAIC in a move that’ll ring alarm bells in soy markets and among investors in the country, Bloomberg News reported. Fernandez’s government will take control of Vicentin for the next 60 days as it seeks congressional approval to expropriate the agricultural powerhouse, which filed for bankruptcy last year after being caught out in currency swings. “This is a statist vision for the 21st century,” Production Minister Matias Kulfas said in an interview late Monday after the announcment. The company wasn’t notified, he said. Under the plan, all of Vicentin’s assets -- the crown jewels of which are soy-processing plants that supply the world with meal for animal feed and cooking oil -- will be placed in a trust managed by the agriculture arm of state-run oil company YPF SA. Read more