LONDON, U.K. (Reuters) — U.S. soybean futures fell Nov. 23, weighed down by the election of a president in Argentina who has promised to cut crop export taxes and boost production in the South American farming powerhouse.
Conservative candidate Mauricio Macri comfortably won Argentina’s presidential election Nov. 22 after promising business-friendly reforms to spur investment in the struggling economy.
Argentine grain output could shoot 30 percent higher by 2019 because Macri is expected to make good on his vow to cut export taxes and state controls that have weighed on production, his farm adviser said in an interview earlier this month.
