Argentine Farmers Set to Flood Market with Exports

Farmers in Argentina are expected to swiftly boost exports that will increase global supplies of wheat, corn and soybeans. Following the weekend election of Mauricio Macri (Mar-ree-see-oh Mah-cree) as President of Argentina, the exports are expected from a promise of Macri to help farmers made during the campaign. Bloomberg reports the country’s farmers are ready to ship an estimated $8 billion in stored crops as soon as export taxes are lifted or reduced as Macri promised. He will take office December 10th and also vowed to lift currency controls.

Export taxes and currency controls were protested by farmers leading to storage of about one-third of the nation’s recent record soybean harvest, about 22 million metric tons worth. Macri is considering a 90-day window of no export taxes on soybeans in a bid to spur sales from stockpiled crops. The country has shipped $17.6 billion of grains and oilseeds abroad so far this year, the lowest for the period since 2009, according to exporters’ consortium data.

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