Soybeans: Argentina raises export taxes and prices increase

Domestic and international soybean prices began rising at the start of July. This is what data from the Center for Advanced Studies in Applied Economics (Cepea) show.

According to researchers from the institute, the boost comes from the increase in export tax rates in Argentina, known as retenciones. In this scenario, part of the production tends to be redirected to the United States and Brazil.

According to the Rosario Board of Trade, on June 27, the Argentine government officially raised taxes—or retenciones—on certain agricultural products, including soybeans and their byproducts.

Thus, since July 1, a 33% tax rate has been in effect for soybeans, up from 26% since January, and a 31% rate for soybean meal and oil, compared to 24.5% previously applied until June 30.

In the domestic market, the drop in the dollar has limited price increases. This happens because a weaker U.S. currency tends to discourage Brazilian exports. In June, the average dollar exchange rate was R$ 5.53, the lowest since June 2024.

Source: Canal Rural

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