Due to a strike next week by farmers in protest of a government tax hike, Argentina will not be exporting soybeans, reports Successful Farming.
After the good news that Argentina’s soybean output projection was raised by over 1 million metric tons last week due to good weather, Argentinian president Alberto Fernandez has demonstrated that the country’s farmers will have a long-lasting tax nightmare.
Fernandez confirmed on Sunday he would raise export taxes only on soybean exports, from a rate of 30% to 33%.
The hike was then discussed this week in a meeting between the president and the top farming association heads from the South American nation.
According to the four largest associations, the government pretended to have a discussion on the issue, but just informed the country the hike.
