Chicago Close: Cut in Argentine Grain Export Tax Weighs Again

Jan 29, 2025

Corn, wheat, and soybean futures closed weaker on Monday, with pressure once again coming from lower Argentina grain export taxes.

The Argentine government announced last week that it was trimming grain export taxes, a move that is expected to incentivize producers in that country to sell and increase competition in international markets for American supplies. The tax cut officially took effect today and is expected to run until June. The long-term implications of the tax cut could also lead to rising Argentine production.

Reports today said Argentine wheat is already among the cheapest in the world, with the tax cut likely to bring even more to market.

Much-needed rain in some Argentine production areas over the weekend added to the downside in corn and soybeans, although crops in much of the country still need more moisture. “Concern is already high for a reduction in yields due to the lack of rain,” World Weather said in a report today.

Meanwhile, rainfall is expected to return to portions of Brazil this week, further slowing an already delayed soybean harvest.

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Video: Winter Canola Trial in Mississippi | Can It Work for Double Cropping? | Pioneer Agronomy

Can winter canola open new opportunities for growers in the Mid-South? In this agronomy update from Noxubee County, Mississippi, Pioneer agronomist Gus Eifling shares an early look at a first-year winter canola trial and what farmers are learning from the field.

Planted in late October on 30-inch rows, the crop is now entering the bloom stage and progressing quickly. In this video, we walk through current field conditions, fertility management, and how timing could make this crop a valuable option for double-cropping soybeans or cotton.

If harvest timing lines up with early May, growers may be able to transition directly into another crop during ideal planting windows. Ongoing field trials will help determine whether canola could become a viable rotational option for the region.

Watch for:

How winter canola is performing in its first season in this Mississippi field

Why growers chose 30-inch rows for this trial

What the crop looks like as it moves from bolting into bloom

Fertility strategy, including nitrogen and sulfur applications

How canola harvest timing could enable double-cropping with soybeans or cotton

Upcoming trials comparing soybeans after canola vs. traditional planting

As more growers look for ways to maximize acres and diversify rotations, experiments like this help determine what new crops might fit into existing systems.