Argentine export tax cut a big deal for U.S. farmers

In a bold move to bolster its flagging economy, Argentina's government recently announced a temporary suspension of export taxes on key agricultural commodities. This included soybeans, corn, wheat and their byproducts like soybean oil and meal, as well as beef and poultry.

The policy, set to run either through October or until it had generated $7 billion in new sales, slashed duties from levels as high as 26% on soybeans to zero. Its aim was to attract U.S. investment as a way of stabilizing a falling peso currency, while also flooding the global market with cheaper Argentine grains.

By Sept. 25, just three days after it was implemented, exporters had already surged...