Accepting pressure from the United States on withholdings would be shooting oneself in the foot.

Trying to digest the absurdities that politics imposes on us, let's get down to business. There is much to cover and this is not the time to be distracted. First point: soybeans remain hovering around 500,000 pesos per ton. Fifteen days after the famous flash of the reduction to zero of the withholdings for all grains and derivatives, it seems that demand is still not satisfied and exporters are flooding the market with the tariff advantage granted by the Government. The value of Argentine soybeans is still 25% above what was paid before the measure, which means a practically total transfer of the tariff improvement to the producers. Let us remember that soybeans paid (and are now paying again) 26% in export duties. Of course, the window will close when exporters fulfill the commitments they made when they registered their Declared Sales to the Exterior, tied to the settlement of the famous 7 billion dollars that the Government had requested. This brought quite a bit of calm and ...