Oct 16, 2023

Argentine Presidential Election is a Three-Person Race

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

Voters in Argentina will go the polls on Sunday, October 22nd to choose a new president. Recent polling indicates that it is a three-person race. In first place with 34-35% is Javier Milei the radical economist. In second place is Sergio Massa, the current Economic Minister with 29-30% and in third place is Patricia Bullrich a conservative politician with 24-25%.

To win in the first round of voting, a candidate need 45% of the votes or 40% of the votes if they lead the second-place finisher by 10% or more. If no candidate reaches that threshold, a runoff election will be held on November 19th.

Milei has proposed discarding the peso for the U.S. dollar although many economists say that is not possible because there is not enough dollars in the country. He also proposes drastic cuts to government spending, eliminating subsidies for such things as utilities, transportation, education, health care, and eliminating the central bank. He also wants to eliminate export taxes on agricultural commodities even though they bring in about 11-12% of the government's revenue. The agricultural community heavily supported Milei during the presidential primary.

He "talks a good game", but he needs the Argentine Congress to enact his proposals and that is not at all certain. There are only two members of his party in the current Argentine Congress, himself and his vice-presidential candidate.