The norm, in detail
Agricultural export duties: a downward path to 2028
Decreto 423/2026
in forceNATIONAL
Energy and natural resources
Decreto 423/2026 cuts wheat and barley to 5.5%, ends the biodiesel levy and sets soy's path: 24% now, 21% in Dec 2027 and 15% in Dec 2028.
What changed and who it applies to
What changed
Decreto 423/2026: immediate cut for wheat and barley to 5.5% (from 7.5%); a gradual schedule to 2028 for soy (24% in 2026 → 21% Dec-2027 → 15% Dec-2028), corn and sorghum (8.5% → 7.5% → 5.5%) and soy derivatives; it eliminates the export duties on biodiesel. verif Jun 3, 2026 ↗
In force
Wheat and barley: immediate (Jun-2026). Soy, corn, sorghum and derivatives: a phased schedule to December 2028. verif Jun 3, 2026 ↗
Are you in or out?
Agricultural producers and exporters (grains and derivatives) and the biodiesel industry. verif Jun 3, 2026 ↗
The norm
Decreto 423/2026, announced by president Milei and made official by the Executive (June 2026). verif Jun 3, 2026 ↗
Our reading
A direct improvement of the agricultural export margin with a permanent path to 2028: more profitable crops → more planting, investment and FX settlement (R5 · better export netback). What we watch: that the fiscal cost of the path does not erode the surplus anchor (R1 · lowers country risk) — the data that arbitrates it is the monthly fiscal result. thesis
Where it lands, province by province3
Buenos Aires The country's largest agricultural province: the export-duty cut improves the margin on soy, wheat and corn → more investment in the campaign and inputs. favorable better export netback thesis
Cordoba Soy-corn core: a direct profitability improvement → more planting and demand for agri services (seeds, machinery, agrochemicals). favorable better export netback thesis
Santa Fe Added to the Greater Rosario agro-export complex (crushing/oils): the cut on soy derivatives boosts value-added and volume through the Waterway. favorable better export netback thesis
The other rules on this subject38
The State reorders the trunk gas pipelines and forces firm transportation contracts to be redrawnRes. SE 66/2026 (Official Gazette, Mar 13, 2026) + Res. ENARGAS 409/2026in execution
Hydrocarbons: the pre-export local offer fallsSE Res. 166/2026 (Official Gazette, Jul 22, 2026)in force
The State puts 16 high-voltage works out to tender, and six of them run through four of the five provincesRes. SE 202/2026 (Official Gazette, Aug 12, 2026), the Plan's first workin execution
The Comahue returns to private hands: 4 dams awardedRes. 2124/2025, Ministry of Economy (Official Gazette Dec 30, 2025)in force
End of segmentation: energy subsidies are targeted at those who need themDecreto 943/2025 (Official Gazette, Jan 2, 2026)in force
Ignacio Aredez· Chief analyst
Credentials and track record →- 10+ years in data science for clients across Europe and the Americas
- Certified in AI governance (ISO/IEC 42001)
- Machine Learning (Google Cloud)
- Registered expert with the European Commission
How to read the seals → verif primary source · prob primary source pending · unconf a source said it · estim our own calculation · thesis our reading · the date belongs to the datum, at the precision its source allows
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