Government lowers export taxes on grains and by-products; no changes for beef

The government announced yesterday a new reduction in export taxes on major grains and their by-products, ranging from 1 to 2 percentage points. Soybeans will now be taxed at 24% instead of 26%, while soybean by-products drop from 24.5% to 22.5%. Wheat and barley rates will fall from 9.5% to 7.5%; corn and sorghum from 9.5% to 8.5%; and sunflower from 5.5% to 4.5%. There were no updates for beef.