MercoPress. South Atlantic News Agency

Argentina reopens soybean exports

Export duties on soybean meal and oil were increased from 31 to 33%

The Government of Argentina Monday went back on its steps and reopened exports of soybeans and their by-products after a decision on March 13 to close the registry for sales abroad imposed by Undersecretary of Agricultural Markets Javier Preciado Patiño.

After export duties on soybean meal and oil were increased from 31 to 33% and a Wheat Stabilizing Fund was created, Agriculture Ministry reinstated the possibility of applying for soybean meal and oil export permits.

“Having received the corresponding instructions from the Minister of Agriculture, Livestock and Fisheries; this Undersecretariat of Agricultural Markets informs the Export Sector that as of 00:00 hs. on March 21, 2022, the registration of Affidavits for Sales Abroad, corresponding to soybean meal and soybean oil will be opened,” the Ministry said in a statement signed by Preciado Patiño.

Argentina is a leading exporter of soybean oil and soybean meal, with 30% of this year's exports stemming from the soybean complex, which in 2021 represented US$ 9 billion to the Government's coffers.

Agriculture Minister Julián Domínguez said during the weekend that in addition to the export tax measure, and with the purpose of “capturing the international prices of this historic juncture”, it was decided “to open the export records of the 22-23 harvest for a total of 8 million tons of wheat, which are in addition to the 2 million tons already authorized.”

“With this decision, we intend to achieve the objective of giving predictability to producers for the next wheat sowing and achieve a new production record”, Domínguez added.

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