Loading…
Argentina announced a temporary cut of three percentage points in soybean and soymeal export taxes, lowering them to 30% through the end of 2020. The levy is set to return to 33% in January as the government seeks dollars amid recession and falling reserves.
Farm groups said they were not consulted.
The lower tax is meant to spur farmer selling of soybeans and meal, adding export supply and weighing on soymeal prices in the near term.
en.mercopress.comOct 2, 2020After 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 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% 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.
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.
