- Posted by Eduardo Moreno
The Argentine government has announced a block on exports of soybean oil and soybean meal, Nasdaq quoted from a Reuters report on 14 March.
Traders expect the South American country – the world's top exporter of processed soybean products – to raise export taxes on soybean oil and soybean meal from the current 31%, which would lower local prices, a Kuala Lumpur-based source was quoted as saying.
Argentina is forecast to account for 48% of soybean oil and 41% of soybean meal exports in the 2021/22 marketing year, according to the US Department of Agriculture’s Foreign Agricultural Service.
The Argentine government’s move on 13 March followed an announcement by top palm oil producer Indonesia that it was set to expand a policy requiring companies to sell 30% of exports domestically, up from 20%, which had pushed palm prices to record levels, the report said.
Measures taken by the Indonesian and Argentine governments followed a call by agriculture ministers of the G7 group of nations on 11 March urging global food exporting countries not to restrict food exports after Russia’s invasion of Ukraine had cut world supplies, including sunflower oil.
Source: Oils & Fats Internacional (OFI)