Argentina’s government announced that it will reduce export taxes on key agricultural commodities starting 27 Jan and continuing through 30 Jun, in a move aimed at boosting competitiveness and supporting the country’s crucial export sector.

The tax on soybean exports will drop from 33% to 26%, while levies on soybean meal and soybean oil will fall from 31% to 24.5%.

For grains, the export tax on corn, wheat, barley, and sorghum will be reduced from 12% to 9.5%.