The Minister of Agriculture, Julián Domínguez, said today at a press conference that the increase of 2 percentage points in the export withholdings of flour and
soybean oil seeks to “take care of consumers and not harm Argentine producers”. With the same objective, he said, “the president has decided to create the Temporary Stabilizing Fund for Argentine Wheat, whose implementation and administration will be the responsibility of the Ministry of Internal Trade, which will constitute a trust fund in this regard.”
At the time of questions, however, Domínguez declined to answer to what extent this fund could influence the price of bread. He pointed out that the responsibility of his portfolio is the price of wheat and referred the question of the price of bread to the competition of Internal Trade, led by Roberto Feletti.
On the increase in oil and soybean meal retentions, Domínguez specified - and emphasized - that the measure “reaches 11 companies that export the soy by-product, of which 8 represent 95% of total exports.
In addition, he highlighted as an official concession: “We have decided, in order to capture the international prices of this historic juncture, to open export records for the 2022/23 harvest for a total of 8 million tons of wheat that are added to 2 million tons already authorized.” With that decision, he explained, “we intend to give producers predictability for the next wheat sowing and achieve a new production record. We hope that the 2022/23 harvest will be a new production record in Argentina.”
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