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1h ago

Argentina Ends 0% Grain Export Duties After $7 Billion Cap Is Hit

The abrupt halt highlights a mechanism built to front‑load dollar inflows through tight registration limits and rapid currency liquidation.

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Overview

  • ARCA confirmed the $7.0 billion registration cap under Decree 682/2025 was reached and disabled DJVE filings under the benefit, restoring prior export-duty rates such as 26% for soy and 9.5% for corn.
  • The decree set a temporary 0% rate for specified grains until October 31 or until DJVEs totaled $7 billion and required exporters to liquidate at least 90% of proceeds within three business days.
  • Exporters rushed to register sales, with about $4.18 billion declared before the final tally, and most of the associated foreign currency is due to be settled in the next three business days.
  • A statement by U.S. Treasury Secretary Scott Bessent saying Washington was working with Argentina to end the tax holiday sowed confusion, paused trading and drove a sharp drop in soybean prices.
  • Market sources reported accelerated Chinese buying of Argentine soy totaling roughly 20 vessels, while analysts estimated a postponed revenue impact of about $1.46–$1.6 billion as farm groups pressed for a permanent repeal.