Overview

• Decree 682/2025 sets export duties at 0% for grains, oilseeds, and bovine and avian meat until October 31, 2025, or until DJVE registrations reach US$7 billion, with a requirement to liquidate 90% of proceeds within three business days or face prior rates.
• After a briefing with the Mesa de Enlace, the government stressed the measure is temporary and that previous export tax schedules will resume once the window or the US$7 billion limit is reached.
• Markets reacted quickly to the announcement, with soybean prices rising about US$50 per ton and the dollar easing roughly 5% intraday, according to local market reports.
• Agribusiness leaders backed the relief, while economists and opposition figures criticized its short horizon and fiscal cost, with FADA estimating a revenue loss near US$1.4 billion, or about 0.2% of GDP.
• Analysts reported producer margins improve by roughly US$75/t for soy, US$20/t for corn, and US$32.5/t for wheat, and noted sizable unsold stocks—about 20 Mt of soy, 22 Mt of corn, and 5 Mt of wheat—that could supply the targeted dollar inflows.