U.S. soy bounces as Argentina suspends export registrations

U.S. soybean futures on Wednesday extended a rebound from a sharp drop earlier this week after the Argentine Ministry of Agriculture suspended the registration of agricultural exports until further notice. The movement was seen as foreshadowing a jump from 30% to 33% in grain export tariffs that Alberto Fernández’s government might announce this weekend, thus shifting exports to the United States. On Wednesday, Chicago Board of Trade (CBOT) May soybean futures were up 3-3/4 cents at $8.92 a bushel by 11:38 a.m. CST (1738 GMT) in a second day of gains following the contract’s drop on Monday to a nine-month low. May soymeal futures rose $4.40 to $297.40 per ton, the contract’s steepest rise in nearly three months.

Source: Reuters