Argentina's agricultural sector will likely invest $58 billion to expand this year after the new government slashed export taxes and eliminated trade barriers, the country's Rural Society (SRA) said on Monday.

Around $22.5 billion of that will go to livestock as ranchers try to recover their cattle herds, the society, which represent medium- to large-scale producers, said in a statement.

Even after slashing taxes, the SRA estimates that soybean production in the 2015/16 crop year will bring the government about $7.1 billion dollars in income.

Argentina is the world's top exporter of soy meal and soy oil, and the fourth-largest corn exporter. Agriculture Minister Ricardo Buryaile told Reuters last week area planted with corn in the 2016/17 season could increase by 20 percent.