Despite confusing news from Argentina following president Alberto Fernandez's announcement that he is prepared to reimpose levies on grains and oilseeds exports if food prices keep increasing, oilseed crushers said they had reached a deal with the government to hold down domestic edible oil prices.
The man known in Argentina as “soybean king” said the country was facing a “new industrial revolution”, but factories now won’t have chimneys because they will really be “green factories”.
World farm commodity prices will edge higher in the next decade, and oilseeds are set to outperform wheat and other cereals, both trends fuelled by demand in emerging economies, the OECD said on Wednesday, presenting a joint report with the UN's food agency FAO.
A good crop year for Argentine farmers and the government: export revenue will be up 4 billion US dollars and the tax man will bag an additional 888 million US dollars according to estimates from local grain dealers.