GRAINS-Soybean futures steady as Argentina ends export tax waiver

By Tom Polansek

CHICAGO, Sept 25 (Reuters) - Chicago Board of Trade soybean futures traded nearly flat on Thursday as Argentina reimplemented export taxes on grains after a two-day suspension increased competition for sales on the global market.

Corn futures were also unchanged as traders monitored reports from early U.S. harvesting. Wheat futures ticked higher in a recovery from contract lows.

Argentina reimposed export taxes on grains and their by-products as it has hit a target sales cap of $7 billion after suspending taxes, according to the country's fiscal agency.

After Buenos Aires suspended taxes on Monday, Chinese buyers booked about 20 cargoes , or roughly 1.3 million tons, of Argentine soybeans, two traders said on Wednesday. The deals were a setback to U.S. farmers already shut out of their top market and hit by low prices.

"Argentina's export tax holiday ended as abruptly today as it started," said Arlan Suderman, chief commodities economist for StoneX.

Most-active CBOT soybeans Sv1 were down 1/2 cent at $10.08-1/2 a bushel by 12:40 p.m. CDT (1740 GMT), near Tuesday's six-week low of $10.05.

Although Argentina reimplemented export taxes, the U.S. soy market remains under pressure from China's shift towards South American supplies, analysts said. China has shunned the U.S. crop amid a trade dispute with Washington.

"This will keep prices under pressure, but the downside is limited from current levels," an agricultural broker in Australia said.

The U.S. Department of Agriculture reported net U.S. soybean export sales were 724,500 metric tons for 2025/26 in the week that ended on Sept. 18. Analysts expected 600,000 to 1.6 million metric tons.

Weekly U.S. corn export sales of 1.9 million metric tons topped analysts' estimates for 1 million to 1.8 million.

The advancing U.S. corn and soy harvests have put some supply pressure on prices, though doubts over the size of corn yields has lent support to that market.

CBOT corn Cv1 was unchanged at $4.24-1/4 a bushel, while wheat Wv1 rose 7-1/2 cents to $5.27 a bushel after setting contract lows this week.