U.S. soybean futures on Wednesday extended a rebound from a sharp drop earlier this week as investors anticipated changes to Argentine export taxes that could reduce export competition from the major soy supplier, Reuters reported.
Corn and wheat futures were narrowly mixed, stabilizing after Monday’s grain market meltdown triggered by fears that the spread of coronavirus could stall grain shipments around the world and dent global economic growth.
Soybean and soymeal futures bounced on news that Argentina’s Ministry of Agriculture suspended the registration of agricultural exports until further notice.
The move was seen as foreshadowing a jump in grain export tariffs under the country’s new Peronist government.
