Overview

• Decrees 682/2025 and 685/2025 set export duties on grains and some beef and poultry at 0% until October 31 or until export registrations reach US$7 billion, whichever comes first.
• The move seeks faster foreign‑currency liquidations to rebuild Central Bank reserves after roughly US$1.1 billion in recent FX sales, with Economy Minister Luis Caputo vowing to defend the exchange‑rate band.
• Farm leaders welcomed the immediate price effect but called the decision temporary and driven by the urgent need for dollars rather than a lasting policy change.
• Meatpackers say the three‑business‑day rule to liquidate 90% of proceeds makes the benefit largely unusable given typical contracts that pay mostly on delivery weeks later.
• The fisheries chamber (Capear ALFA) asked to be included, and economists caution the US$7 billion goal may be hard to reach due to low commodity prices, dollarization pressures and competing reserve outflows.