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Argentina's new government raised export taxes on corn and wheat from 6.7% to 12% and on soybeans, soyoil and soymeal from 24.7% to 30%. The move aims to raise revenue and curb dollar outflows amid debt restructuring and low reserves.
Higher export taxes reduce Argentine farm selling and export competitiveness, which can tighten soymeal, soyoil, corn and wheat exports and support world prices while favoring Brazilian and US supply.
graincentral.comGuest AuthorDec 24, 2019After 172 past bullish policy events, SBM moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +1.7%), and -0.8% over 20.
After 842 past bullish policy events, SBO moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 318 past bullish policy events, CORN moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 182 past bullish policy events, WHEAT moved a median +0.1% over 5 sessions (52% higher; middle half -1.9% to +1.4%), and -0.3% 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.
