# Argentine President touts tax hikes to curb food inflation, lacks Congress support

> Argentina's government raised export taxes on soybean oil and soymeal from 31% to 33% in March and created a wheat stabilization fund to restrain domestic flour prices. President Alberto Fernández said higher taxes on soybeans, corn and wheat would need Congressional approval, which he lacks.

- Date: 2022-05-20 · published 2022-05-20T12:00:00.000Z
- Category: policy · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/14032-argentine-president-touts-tax-hikes-to-curb-food-inflation-lacks-congress
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Export taxes reduce the amount of Argentine meal and oil reaching world markets and cut farmer returns, which can support international soymeal and soyoil prices. Any further tax hikes would tighten export availability.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2022-03-19 | [Argentina hikes export tax on soy oil, meal to 33% to combat inflation](https://feedsoft.ai/events/14044-argentina-hikes-export-tax-on-soy-oil-meal-to-33-to-combat-inflation.md) | +1.4% | -3.3% |
| SBM | 2022-06-27 | [Food export bans, from India to Argentina, risk fueling inflation](https://feedsoft.ai/events/14025-food-export-bans-from-india-to-argentina-risk-fueling-inflation.md) | +5.4% | -0.6% |
| SBM | 2021-09-15 | [Ahead of state polls, govt takes steps to control food inflation \| Pune News - The Indian Express](https://feedsoft.ai/events/45020-ahead-of-state-polls-govt-takes-steps-to-control-food-inflation-pune-news-the.md) | -0.5% | -6.4% |
| SBM | 2020-03-09 | [Argentine farmers begin four day sales strike to protest higher export taxes — MercoPress](https://feedsoft.ai/events/53992-argentine-farmers-begin-four-day-sales-strike-to-protest-higher-export-taxes.md) | -1.8% | +0.6% |
| SBM | 2021-03-02 | [Pres. Fernandez pledges support to Argentina meals, oils exports - Fastmarkets](https://feedsoft.ai/events/47975-pres-fernandez-pledges-support-to-argentina-meals-oils-exports-fastmarkets.md) | -1.5% | -6.4% |
| SBO | 2022-03-19 | [Argentina hikes export tax on soy oil, meal to 33% to combat inflation](https://feedsoft.ai/events/14044-argentina-hikes-export-tax-on-soy-oil-meal-to-33-to-combat-inflation.md) | +3.4% | +278.5% |
| SBO | 2022-06-27 | [Food export bans, from India to Argentina, risk fueling inflation](https://feedsoft.ai/events/14025-food-export-bans-from-india-to-argentina-risk-fueling-inflation.md) | -4.6% | -13.0% |
| SBO | 2018-12-06 | [Urgent: Ask Congress to Renew Tax Incentive — NC Soybean Producers Association](https://feedsoft.ai/events/61464-urgent-ask-congress-to-renew-tax-incentive-nc-soybean-producers-association.md) | +0.6% | -0.8% |

## Sources

- reuters.com: https://www.reuters.com/article/world/argentine-president-touts-tax-hikes-to-curb-food-inflation-lacks-congress-suppor-idUSKCN2N61IA/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.