Argentine Farmers Set to Unleash $8 Billion of Stored Crops
- Leadership change may alter global supply of soybeans
- Farmers seen boosting wheat acreage on Macri's victory
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Argentine farmers will swiftly boost exports, increasing global supplies of wheat, corn and soybeans, as Sunday’s election of Mauricio Macri as president heralds the end of punitive export taxes and government regulations, according to growers and analysts.
The country’s farmers are ready to ship an estimated $8 billion in stored crops as soon as export taxes are lifted or reduced as Macri promised, according to five farmers, analysts and exporters interviewed after the election. Macri has also vowed to lift currency controls as soon as he takes office Dec. 10, a move that investors see leading to a devaluation of as much as 35 percent for the peso, which would further help farmers trying to sell abroad.