Highlights
Argentina devalued its currency while everyone was asleep Wednesday morning, which is when a devaluation should be done. The Argentina Peso was devalued by 54%; now 801 pesos per US$. The market was afraid the devaluation would cause a lot of Argentine agriculture products to hit the international market. That could not happen. While Argentina does have a little wheat to sell, it has been importing corn and beans from Brazil for many months. Plus, export permits were suspended on Monday.
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After CBOT closed yesterday, Karen Braun of Reuters News reported the new government is seeking to raise the export tax on corn and wheat from 12% to 15%. Current duties for soybeans is 33%. The market expected all those export taxes to be sharply reduced or even eliminated by the new president.Â
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Houthi rebels continue to attack vessels entering the Red Sea. Â
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