Soybean prices may take a hit this morning as the Argentine Senate rejected the tax imposed by Cristina Fernandez de Kirchner. The vote was so close that the Vice President broke the tie, siding with the farmers and casting his vote against the President. What a surprise that the Vice President would vote against the President! The farmers were elated, as shown in this pciture! More power to you, guys!This is expected to be bearish for soybeans prices on the American futures exchanges, as it will prevent the farmers from starting another strike and increase soybeans exports in Argentina. Argentina is one of the world's leading exporters of soybean products.
