Argentine farmers are expected to sow more corn than ever this season, while soybeans will fall to an all time 15-year minimum because of the export policy of the current administration and the lack of the regulatory framework for genetically modified, GM, seeds.
Argentine President Alberto Fernández signed a decree whereby export taxes on soy, wheat, corn and beef go up. The decree became available Saturday as it appeared in the Official Gazette and is effective immediately.
If trade strife continues between the United States and Mexico despite a deal struck on Friday, Argentine grain exporters are ready to step in to meet Mexican food demand, the head of an Argentine industry chamber said.
Brazil and Argentina production estimates are going up, but hailstorms ruined soybean and corn crops in Argentina’s Santa Fe Province. However, La Niña is forecast to be relatively mild this year, according to NOAA forecasters.
China has approved its first shipment of genetically modified Argentine corn, Buenos Aires-based trade sources said, which could mean that the Asian giant may eventually import GMO crops from other producers like the United States.
Chinese authorities quarantined two containers holding corn from Argentina, after detecting genetically modified strains that had not been approved beforehand, alleged the Chinese buyer.