Argentina ups soy export retentions to create wheat stabilization fund

In Argentina, Diario26 reports that the government has lifted the temporary export ban on soy oil and meal in response to concerns regarding impacts of the Russian invasion of Ukraine and has instead increased export retentions on the two products to 33% from the previous 31%. Retentions on biodiesel were also increased by 1%, but the government assures that the increased retentions won’t negatively impact exporting companies. The additional retentions are to create a stabilization fund for wheat to allow for price subsidies, but the government has also approved 8 million metric tons of wheat exports for the 2022/23 season.