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Argentina raised export taxes on soybeans, soybean oil and soybean meal from 24.7% to 30%. Taxes on corn and wheat rose from 6.7% to 12%.
Higher export taxes tend to slow Argentine farmer selling and reduce export volumes, which tightens world supply of corn, wheat, and soy products. This supports prices for these commodities in global markets.
farmonline.com.auGrain Brokers AustraliaDec 24, 2019After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 172 past bullish policy events, Soybean Meal 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, Soybean Oil 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.
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.
