The announcement of the new Reduction in retentions to the main crops announced by the Minister of Economic Affairs, Luis Caputoparalyzed the liquidation of the field last week and this Monday the trend did not reverse, a dynamic that, if extended over time, could complicate the entry of foreign currencies.
Last Tuesday, in the midst of the 2026 budget negotiations and the decline in revenues by activity level, Caputo announced the reduction in export tariffs. “Today we are taking a new step towards tax relief for the agricultural sector and pushing forward the permanent reduction in export tariffs for grain and by-product chains,” he announced.
In this way, the share of soybeans increased from 26% to 24% and the share of by-products decreased from 24.5% to 22.5%; Wheat and barley fall from 9.5% to 7.5%; Corn and sorghum from 9.5% to 8.5% and for sunflower from 5.5% to 4.5%. From communication to publication in Official Gazette Last Friday several bikes passed by.
“The first thing that happened was that they made the announcement on Tuesday and the decree only came out on Friday,” commented the agricultural producer and director of RIA consultant, Javier Preciado Patino. “Who will sell exporters or who will recruit them if you have less retention the next day?” he asked, adding that only corn, where there was a one percentage point decline, saw an increase Affidavits of Foreign Sales (DJVE).
According to the data, the DJVE for soybean oil was 37,000 tons in the first week of December and 1,000 tons in the second week; Soy flour: 73,000 and 4,000 respectively; soybean 0 in both cases; Corn: 180,000 and 200,000; Wheat: 222,000 and 40,000; sunflower oil, 5,000 and nothing in the last week; sunflower meal: 48,000 and 8,000; and feed barley: 21,000 and 2,000.
The grain market operator, for his part, Mariela Brandolinassured that the same thing always happens with this type of tax measure. “The announcement is made, but it will not be published in the Official Gazette. This is where the DJVE suffers, as exporters prefer to wait for the fine print before proceeding,” he commented in an interview Infobae.
“The problem is soybeans first and then corn. There are very few export declarations for soybeans for January, February and March and for corn for December, January and February,” Brandolin said. The key is to look at it historically: reported corn exports for December, January and February are one million tonnes, while the normal average is 4.2 million. Something similar happens with soybeans.
In the Rosario Stock Exchange (BCR) You have a different analysis of the situation. “It is paid above the theoretical FAS of the industry, combining the two FOB prices of flour and oil and above the theoretical FAS of beans. We assume that exporters still have DJVE with zero export rights and pay above the theoretical FAS, which is given today if you take the FOB export price, deduct all costs and use the current exchange rate,” they analyzed.
No changes were apparent in the early hours of Monday morning. “That you should assume that if soybeans were at $500,000 a ton, it would be at $510,000 and that would go up a little bit, from what I’ve gathered it’s under $500,000, so it’s not going to close anywhere,” he explained. Preciado Patinoalthough he hopes the situation will improve as the week progresses.
At the end of the day it was announced that the DJVE registration was moving, for wheat it was 480,000 tons, 104,000 tons of corn, 181,000 tons of soybean meal and 21,000 tons of soybean oil. “The response to the registration of new exports was good. This represents a change compared to last week,” the expert added.
In the 2025/2026 season, the global wheat production record could be broken with an estimated harvest of 825 million tons, it is said United States Department of Agriculture and the International Grain Council. “In general, almost all major wheat exporters had excellent production conditions,” he emphasized. Infobae Julio Calzadathe director of economic studies of the BCR.
It is this recovery in production of exporters across the board European Union (especially France and Germany) and Russia which complicated the value of Argentine wheat. “At the same time, China is buying less than usual, 12 million tons, because it has increased its production,” concluded Calzada.
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