Top Soy Shipper Argentina Halts Meal, Oil Cargoes as Prices Jump
- Argentina’s block on shipments may signal imminent tax hike
- Fuel prices also jump overnight amid costly diesel imports
This article is for subscribers only.
Argentina has blocked agriculture traders from registering cargoes of soybean meal and oil for export, a move it usually makes before hiking taxes on shipments, amid expectations that the government will seek to tap the global rally in crops.
Argentina is the biggest exporter of soy meal for livestock feed and soy oil for cooking and biofuels. Farmers in the South American nation start harvesting beans at the end of the month, with the bulk of fieldwork done in April and May. Ukraine is a top global supplier of a competing oil made from sunflowers.