Futures Close Report 13th December

As expected new goverment in Argentina has raised export taxes – soy beans, soy oil and soy meal increased to 30% from 25%  previously and lifted the levy on corn and wheat to 12% from previous 7% approx.  This is seen by the farm sector as a direct impact on their profitability already enduring high costs due to financing, inflation and poor weather conditions.

Spotlight is also still on Argentina with the larger crusher, Vincentin, now rumoured to have suspended production due to financing issues.