The norm, in detail
Agricultural export duties: a downward path to 2028
Decree 423/2026
in forceNATIONAL
Energy and natural resources
What changed and who it applies to
What changed
Decree 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 ↗
Who it affects
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 subject28
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 prior domestic-offer step for exports is goneSE Res. 166/2026 (Official Gazette, Jul 22, 2026)in force
The Comahue returns to private hands: 4 dams awarded in concessionRes. 2124/2025, Ministry of Economy (Official Gazette Dec 30, 2025)in force
End of segmentation: energy subsidies are targeted at those who need themDecree 943/2025 (Official Gazette, Jan 2, 2026)in force
Ignacio Aredez· Chief analyst
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