Argentina reels from climate woes

A record drought has deeply affected Argentina's agricultural production, dealing another blow to the economy and hurting exports of key commodities such as soybeans.

"We have been witnessing a historic drought, completely atypical, with abysmal damage, especially for the Argentine economy," said Salvador Vitelli, chief researcher at Romano Group, an economic and financial consultancy firm in Argentina.

"It has been the worst drought of the century. It is estimated that the loss of the exportable balance will be between $20 billion and $22 billion, in terms of production value."