Sep 23, 2025
Argentina Eliminates Export Taxes on Ags Until October 31st
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
In a surprise move, the Argentina government announced on Monday, September 22nd that export taxes for all agricultural products will immediately go to zero until October 31st. This was not expected by the market, and it is expected to stimulate the marketing of grain by farmers who had been holding onto their grain for better prices. Before the announcement, the export tax on soybeans was 26% and the tax on corn was 9.5%.
President Milei's goal is to support the dollar by increasing the supply of the U.S. currency in the country. The measure is expected to stimulate the marketing of soybeans and derivatives during this little more than a month of zero tax.
It is estimated that farmers in Argentina are still holding approximately 20 million tons of soybeans and 12 million tons of corn from the 2024/25 season. Traders in Argentina are quoted as saying this was a bomb, a surprise to everyone, no one expected this measure. It could have been the result of losses suffered by Milei's party in recent legislative elections in Buenos Aires province.
The measure has not yet been published in the Official Gazette, so we need to see the fine print.
This could be an additional blow to U.S. soybean farmers who are still waiting for China to purchase any new crop soybeans from the U.S. Soybean prices are expected to decline with the additional supply from Argentina, which may stimulate China to purchase additional supplies of soybeans and meal from Argentina. There are reports out of Argentina that thus far in 2025, China has purchased 130 vessels of Argentine soybeans compared to 4 last year at this time.