Soybean Futures Slide After Argentina Scraps Export Duties

Soybean futures slid to around $10.05 a bushel, hitting a roughly two-week low, as China strategically shifted its purchasing focus to South America.

Buenos Aires announced Monday that Argentina scraps export duties on all grains to zero until October 31, immediately altering global soybean trade flows.

As the world’s largest buyer, China responded quickly, booking at least 10 cargoes of Argentine soybeans.

The move underscores a stark contrast: the US is missing out on peak-season sales to China, while South American suppliers—Brazil and Argentina—fill the resulting gap.

So far, China’s purchases for October shipments are nearly complete, and roughly 15% of November demand has already been secured from South American sources.