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.
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.
Houthi rebels continue to attack vessels entering the Red Sea.