Argentine Export Duties Last week the Argentine government announced an emergency plan to reduce the state deficit, which includes an export duty on agricultural products. Since last Tuesday, the duty rate of 4 pesos for every U.S. dollar of value on those exports was applied as of last Tuesday and will remain in effect until 31 December 2020. Considering the exchange rate in Argentina is 38 ARS/USD, this equates to a 10.5 percent duty on any primary exported product. Value-added products will have an export duty of 3 ARS/USD. The export duties already in effect (prior to the latest announcement) of 25.5 percent on soybeans and 23 percent on soyoil/soymeal were reduced to 18 percent to compensate for the new additional tax.
The differe...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
