BUENOS AIRES, ARGENTINA — Argentina’s government has raised taxes on corn, wheat and soybean exports in order to meet the country’s fiscal requirements, S&P Global reported.

The move, which was widely anticipated, is expected to impact farmers and export volumes.

Taxes on corn and wheat exports were raised to 12% from 6.7%, while taxes on beans, soybean oil and soybean meal shipments were increased to 30% from 24.7% earlier, S&P said, citing an analyst.

Analysts said they expect the higher tax to impact farmers’ planning intentions and likely reduce fertilizer applications and quality of seeds.

Grains were selling at a rapid pace prior to the new government taking over, in anticipation of the tax increase. Argentina shipped 230,000 tonnes of wheat in October and 700,000 tonnes in November. December shipments are expected to reach 2.5 million to 2.8 million tonnes, the analyst told S&P Global.