What Happened in South America Last Week

October 24, 2016 10:12 AM
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Here are three things worth noting in regards to South America.

1. Soybean production could go up in Argentina this season thanks to a new tax rebate of 5% in 2017, according to news reports.The new rebate could encourage a shift to soybeans during planting in December, according to analysts at the Buenos Aires Grain Exchange.

Some farmers have switched to wheat and corn for the 2016-17 season after export taxes on those crops were eliminated. Argentina is the world’s third largest producer of soybeans. Because of the possible changes, the Buenos Aires Grain Exchange is planning to issue new estimates in several weeks.

2. The Brazilian politician who led the effort to impeach former President Dilma Rouseff has been arrested on corruption charges, according to a report by Bloomberg. Eduardo Cunha, the former speaker of Brazil’s lower house of Congress, has denied the charges. One Brazilian lawmaker said the arrest could destabilize the government, which is currently led by President Michael Temer, who was previously the country’s vice president before Rouseff’s impeachment in August. In September, Cunha reportedly accused one of the president’s closest advisors of “irregularities” in the privatization of infrastructure.

3. Argentina expects to increase its production of biodiesel because of a drop in demand from China for its soy oil, according to Allendale. It also has increased exports to India, now the world’s largest soy oil importer.

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