BUENOS AIRES, Argentina (AP) ? America's loss is Argentina's gain. Record soy prices due to a punishing drought in the U.S. heartland are expected to create billions of dollars in new revenue for the South American country, which is the world's third-largest soy producer behind the U.S. and Brazil.
Corn and wheat prices also are soaring as global supplies tighten and Chinese demand remains insatiable.
Argentine soy producers still have nearly a third of their last harvest in silos and expect windfall profits with soy trading at a record $630 a ton Thursday. Argentina's latest budget was based on soy selling at $440 a ton, so the government expects major new revenues from its 35-percent take in export taxes.
Other grains also were up sharply Thursday on the Chicago Board of Trade, with corn rising 1.4 percent to $806.50 a ton and wheat rising two percent to $903.25.
Rural Society President Hugo Biolcati accused the government Thursday of strangling the country's booming farm sector.
"These huge taxes add up to a suffocating burden on farming, with clearly confiscatory effects, forcing this resource to subsidize unbalanced national, provincial and municipal budgets," Biolcati complained at the industry's annual trade fair.
?2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Source: http://www.ksn.com/s/bPzMZSFbv0CZtQ4TS8YV4g.cspx
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