Argentina has cut its soybean export tax to 29.5% from a previous 30%, the first step in a plan to gradually reduce the levy to 18% over two years. The plan will see the tax cut by one half percentage point per month for 24 consecutive months. The government is also cutting the export tax on soyoil and soymeal; down as of this month to 26.5% from a previous 27%. Under the plan, the levy on soy derivatives is due to fall to 15% by 2020.
Concerns for dry weather in Arg still lingering for Soybean markets. Production area around Buenas Aires province feeling the worst affects. Argentina as a whole had completed 82% of expected plantings as of last week, the balance remaining will need better soil moisture conditions to get in.