Argentinian farmers are holding back their soybeans in response to dissatisfaction about export taxes and exchange rates. Shipments may be cut by 500,000 to 1 million metric tons according to Oil World. Farmers in Argentina are protesting a 32% export tax on soybeans as well as an exchange rate that has been called “unrealistically low” and are holding back a much larger quantity of soybean as a hedge against inflation. Brazil is expected to ship 11.5 million tons of beans in the third quarter while the U.S.is expected to ship 2.4 million tons – down from 6.7 million tons a year earlier.
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