Overview

• ARCA said the $7 billion registration cap under Decree 682/2025 was reached within roughly three days and disabled new DJVEs under the zero-duty benefit.
• Pre-decree export duty rates were reinstated immediately, including 26% for soybeans, 24.5% for soy meal and oil, 9.5% for maize, and 12% for wheat.
• ARCA’s Resolution 5761/2025 requires exporters that used the benefit to liquidate at least 90% of foreign-currency proceeds within three business days.
• Registration data show most of the short window was captured by a few large traders, notably Bunge, LDC, COFCO, Viterra and Cargill.
• U.S. Treasury Secretary Scott Bessent urged ending commodity tax exemptions, as analysts weigh a short-term fiscal cost estimated up to roughly $1.5 billion.