Argentinean Government cancel export licenses to ADM, Amaggi and others

Photo: The secretary of Ag-Industry, Luis Miguel Etchevehere was in charge of the investigation

Through a group of orders (resolutions) published in the Official Register last Friday October 26th, the secretary of Ag-Industry cancelled permissions to export grains and by-products for around a million metric tons.

It were Export Declarations (DJVE’s as its acronym in Spanish) registered by large local exporters in the latest days of August, previous to the Argentinean Government re-imposed export taxes to grains like wheat and corn. In only two days, exporters registered 8.5 million metric tons of grain and by-products, an unusual volume.

The Government, through the Ag-Industry secretariat started an investigation to determine if DJVE’s were legitimates or only a maneuver to elude paying new taxes.

Two months later, the Secretariat determined that the local branch of Archer Daniels Midland (ADM Agro Argentina) registered 660,000 tons of wheat, corn and soybean without had bought it. Meanwhile Amaggi Argentina, the trading company linked to Brazilean mogul of soybean, Blairo Maggi, suffered the cancellation of exports for 95,000 tons and Monsanto Argentine suffered also the cancellation of 100,000 corn exports.

In the local circuit of traders, brokers and commodities analyst it speculate that in the next days new orders from the Ag-Industry Secretariat could cancel other export permissions to other large grain companies.