New measures related to the wheat, its derivatives, and corn markets
On March 5, 2022, Joint Resolution 3/2022 of the Ministry of Production and the Ministry of Agriculture, Husbandry and Fisheries was published. This regulation created a trust called “Anti-cyclic Agrifood Fund” (“FAA”, due to its acronym in Spanish) purposed to stabilize internal market prices of food for final consumers.
According to the Joint Resolution, all persons that are involved in the Wheat Grain, Grain Corn, Wheat Flour and Noodle Markets registered in the Registry of the Agrifood Chain Market Chain must join the FAA through the individual application agreement to be executed within a 30-business-day term.
This Joint Resolution also determines that the lack of application to he FAA will be analyzed according to the rules of the Supply Act (Law 20,680), the Fair Trading Decree (Decree 274/2019) and its supplementary regulations.
The Rules and Guidelines Schedule of the FAA stablish that the trustors will be the persons mentioned in the Joint Resolution, but that the exporters of wheat derivatives will only contribute to the Fund after they surpass a minimum threshold of exported tons of products. The Contribution of all trustors will be calculated according to the amounts declared in their ancillary export declarations (“Declaraciones Juradas de Venta al Exterior” or “DJVE”) registered under the regime set in Law N°21,453.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.