Argentina Suspends Export Registrations for Soy Meal and Soy Oil
The Argentine government announced over the weekend the suspension of soybean meal and soybean oil export registrations. It is believed that exports were suspended so that the export taxes on meal and oil could be increased from the current 31% to 33%. That would make the tax on meal and oil equal to the current export tax on soybeans, which is 33%.
There are rumors in Argentina that the government will also increase the export tax on soybeans from 33% to 35%. That would make sense because the tax differential between soybeans and the products is the incentive for crushers to process the soybeans instead of just sending them to export.
Suspensions such as these usually do not last very long. Once the government officially increases the taxes, the suspension is lifted.
Just last week, the Argentine Minister of Agriculture denied that the export taxes on soybeans and the products would be adjusted upward. Needless to say, the agricultural community is very upset with the increased taxes.
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