For instance, will Argentina's devaluation flood the world market with cheap fresh or frozen beef? No, reckon most pundits, who point out Argentinian producers and processors have heavy borrowings denominated in US dollars. In this respect Argentina differs from Australia and New Zealand, where farmers and exporters of beef and lamb have enjoyed windfall gains from their currencies' weakness, especially since September 11. In the past week the kiwi dollar briefly regained its pre-September value. However, currency market gossip suggests it will not rise much if any further, and likewise the Aussie dollar. {{MEAT }}

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