Argentine farmer corn sales rise as exporters seek to hedge tax rises

Farmers sold 1.32 million mt of new crop corn compared with just 76,000 mt in the same week last year, with new crop wheat sales also strong at 485,000 mt versus 46,000 mt a year earlier. The 2019/20 crop was sold at a ratio of 3:1 [with the latter number representing the 2020/21 crop] before the export tax was raised from 7% to 12% in December. expectations are that there could still be a further upward revision for export taxes for corn and wheat, from 12% to 15%, the trader added. Data for the 2020/21 soybean sales campaign is yet to be released.