Covid-19 Worries Grow

Agriculture

There are media reports that the Argentinian government is set to increase the export tax on soybeans from the current 30% to 33% after it temporarily suspended its export registry system. If this is the case, it follows an increase late last year following the arrival of the new president, Alberto Fernandez. The hope is that this will help reduce the country’s fiscal deficit. As of yet, there has been no official confirmation of the tax hike. However, the news did see a brief spike higher in CBOT soybeans.

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Bloomberg, ING Research 

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