Overview

• The zero-rate window under Decree 682/2025 lasted roughly 72 hours, with DJVEs for about 19.6 million tonnes (US$7 billion) triggering ARCA’s return to preexisting rates such as 26% for soy.
• Producer data from the SRA indicate direct farm sales reached about 6.2 million tonnes (~US$2.3 billion), leaving most of the benefit in exporter registrations that can be shipped within 360 days.
• Opposition deputies filed information requests and urged congressional inquiries into beneficiary firms, dollar inflows and compliance with the Martinez Raymonda rule that requires proving grain possession at registration.
• CIARA-CEC said more than US$3.5 billion will be paid to sellers in the coming days, while exporters who pre-registered cargoes will later seek grain in the domestic market, setting up tense price negotiations.
• Producer bodies and provincial officials denounced the measure as favoring a few large traders, the PJ estimated a fiscal cost near US$1.5 billion, and market participants pointed to a public message from U.S. Treasury’s Scott Bessent as a catalyst for the rush to register.