The recent decision of the Argentine government to temporarily reduce the withholdings To soybeans and its derivatives has had a significant impact on international markets. This measure, announced at the end of January 2025, has generated an immediate reaction in the prices of agricultural products, especially in soybeans, flour and soybean oil.
The reduction of withholdingswhich went from 33% to 26% for soybeans in grain and from 31% to 24.5% for their derivatives, were seen as a strategy to boost the competitiveness of the Argentine agricultural sector. However, this measure has also had unwanted consequences in the international market.
One of the main effects of reducing withholdings It has been the fall in international soy prices and its derivatives. According to data from the agribusiness specialist, Javier Preciado Patiño, the prices on the soybean ship fell 3% for the bean, 2.6% for flour and 4.6% for soybean oil.
This fall is due in large part to the perception that the Argentine offer will increase, which has led international markets to adjust their prices accordingly. The reduction of withholdings It has also affected the differential between the price of soybean and by -products (flour and oil).
Before the measure, this differential was $ 21 per ton, but after the reduction, it has fallen to $ 12 per ton, which represents a 43%drop. This decrease has generated an anti-industry bias, since it reduces the profitability of soybean grinding and other oilseeds.
Industrial activity linked to soybean grinding has been one of the few with positive performance in 2024, and the reduction of withholdings has generated uncertainty about the future of this industry.
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It is crucial to follow the evolution of international reserves and price differential in the Sojero complex to evaluate the long -term impact of this measure. In addition to international prices effects, reduction in withholdings It has generated a debate on fiscal policy and its impact on the agricultural sector.
The Minister of Economy, Luis Caputo, has defended the measure as a way to improve the competitiveness of the sector and increase exports. However, some sectors have expressed concerns about the impact of this measure on the regional economy and financial stability.
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