Argentina resumes export license register after economic announcements

The Argentine government reopened the register of export licenses for grains and oilseeds Thursday after a three-day break.

The register was suspended at 5 pm local time on Monday, ahead of the announcement of economic measures by the new government of Javier Milei on the following day.

According to a statement published on Thursday, the applications register was resumed at 1030 am local time.

On Wednesday, sales activity was slow as the market waited for the register to be reopened and an increase in export taxes to be confirmed.

Corn sales totaled 29,215 mt while soybean sales reached 12,342 mt and wheat 22,602 mt, Rosario Grain Exchange (BCR) data shows

In the first 12 days of December domestic sales of grains amounted to 1.63  million mt, below the 2.39 million mt from the same period in 2022 and 2.24 million mt from 2021, according to BCR data. 

According to BCR economist, Guido D'Angelo, the register for export sales opened once again, along with changes in the exchange rate, are probably going to foster new business in the coming days.

On Tuesday, Milei’s government announced a 54% exchange rate devaluation from the 366 pesos per dollar valid before the decree.

The government also later confirmed export taxes would rise to 15% for all products, therefore increasing wheat and corn taxes, which were previously at 12%.

The only exception was soybeans and soybean products, where the tax will remain at 33% and 31%, respectively.