The prices of CBoT soybeans have been rising for four consecutive trading days. Traders expect higher demand for US soybeans because the government in Argentina has raised export taxes.
While the corona virus paralyzes world trade and also slows trade in agricultural commodities, the price fluctuations for it increase. However, US exporters report quite good demand for the oilseed, as Argentina is sidelining itself with the increase in export tax.
There is now an export tax of 33%, which is 3% more than before. The additional income is intended to improve government financing. However, farmers in the South American country will probably lower their investments, which should lead directly to a smaller harvest.
All agricultural commodities also benefit from a recovery in the capital markets. In Asia, stock prices have risen since the beginning of this week. Many governments and central banks want to stimulate economic growth with financial incentives. For example, the Federal Reserve in the United States cut its key interest rates on Tuesday. All of this is intended to mitigate the negative effects of the coronavirus crisis.
At that time of year, China usually buys soybeans in Brazil.Later in spring and summer, however, the plan is to introduce more US soybeans again. Secretary of Agriculture Sonny Perdue promised the Congress in Washington yesterday. 
Source
HANSA Terminhandel
