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Argentina announced a cut in export duties on soybean oil and soybean meal from 33% to 31%, with the change expected about four weeks after the 25 November announcement. A preferential soy dollar exchange rate runs from 28 November to year-end, and farmers are not expected to sell as much as in September.
Lower export taxes make Argentine meal and oil more competitive on world markets, which should lift export flows and pressure international meal and oil prices lower.
ofimagazine.comDec 5, 2022After 222 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.1% to +1.2%), and -0.6% over 20.
After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
After 356 past bullish policy events, SOY moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
