Argentina Continues Reforms to Increase Domestic Soybean Processing
After cutting soybean export taxes at the end of last year in order to convince farmers to sell their stored crops and revive the country’s Central Bank reserves, Argentina has announced it is also cutting soybean import barriers.
Processing plants in the country are currently running at an idle capacity of 30%, and President Mauricio Macri is taking measures to increase domestically available supplies of soybeans to support the country’s domestic processing sector and drive up volumes of soybean derivative exports.
The previous administration had enacted measures to block imports from other regional soybean producing counties such as Brazil and Paraguay, blocking business with global giants that operate in those countries including Cargill and Bunge.
In a move to spark a resurgence in the country’s ag processing sector, the government published a resolution stating, “When the result is exportable soyoil, soymeal, or pellets (processed livestock feed), soybean imports will not have to be registered with the Register of Authorized Soy Operators (ROSA).”