Boom Driven by Temporary Suspension of Argentine Grain Export Tariffs

 

Soybean prices are heading toward a second consecutive week of decline, affected by China’s absence from the U.S. market and an increase in grain purchases from Argentina, according to Business Recorder. The most traded soybean contract on the Chicago Board of Trade fell by 0.2% to $10.10 per bushel (a unit commonly used in U.S. agricultural markets). Wheat dropped 0.3% to $5.25 per bushel, while corn fell 0.2% to $4.24.

 

Traders noted that Chinese purchases of Argentine soybeans added pressure to Chicago futures. After temporarily suspending export taxes, Argentina shipped around 20 cargoes—equivalent to 1.3 million tonnes—to the Chinese market. Buenos Aires later reinstated the export duties after reaching a declared sales cap of $7 billion.

 

Argentina’s soybean export declarations for the 2024/25 season reached their highest level in seven years, driven by the tax suspension that spurred a spike in activity. Many exporters registered sales before physically acquiring the goods, which is expected to keep the market active.

 

In the United States, the progress of the corn and soybean harvest added further pressure on prices, although uncertainty about corn crop yields has offered some support to that market.

 

According to the U.S. Department of Agriculture (USDA), net U.S. soybean export sales reached 724,500 tonnes for the week ending September 18 for the 2025/26 season, within market expectations. For corn, weekly sales totaled 1.9 million tonnes, exceeding expectations of between 1 and 1.8 million.

 

The wheat market remained limited due to abundant global supply. In Australia, analysts project the third-largest wheat harvest in the country’s history and a record barley crop, supported by favorable weather conditions.

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