Post lowers its 2022/2023 estimate for Argentine soybean production to 23.9 million metric tons (MMT). This production estimate is the lowest in 24 year and the yield estimate is the lowest in almost 50 years. As a result of the drought, Post estimates that Argentina will need to import a record 11 MMT of soybeans to achieve a crush of 29.5 MMT.
Does Argentina export soybeans?
Argentina also exports soy as raw beans to China (4.7 Mtonnes exported in 2021) and oil to India (4.2 Mtonnes in 2021). Following the lifting of the Registro de Operadores de Soja Autorizados in 2016, soybean imports into Argentina increased 440% from 0.9 Mtonnes in 2016 to 4.9 Mtonnes in 2021.
Are Argentina’s giant soybean processing plants running out of soybeans?
BUENOS AIRES, Oct 5 (Reuters) – Argentina’s giant soybean processing plants are running out of soybeans after a historic drought cut the crop in half, the head of the country’s grains export chamber told Reuters, and this will leave well over two-thirds of factory capacity idle.
Will Argentina lose its position in the world’s largest exporter of soybeans?
As a result of the drought, Post estimates that Argentina will need to import a record 11 MMT of soybeans to achieve a crush of 29.5 MMT. This reduced crush would lead Argentina to export only 18.75 MMT of soybean meal, potentially losing its position as the world’s largest exporter of soybean meal. Soybean oil exports are estimated at 3.65 MMT.
Where do soybeans come from in Argentina?
In Argentina, soybeans are typically exported from the Province of Buenos Aires through Necochea (Quequén), Bahia Blanca and upstream of Buenos Aires. Crushed products are exported from ports in and around Rosario (Santa Fe Province) where traders have their own terminals to store, crush and export soy products.
Does Argentina have a soy supply chain?
Yet, while Argentina’s position creates a challenge for tracing sources of soy across borders and within Argentina, systems are already in place that could bring more transparency to the soy supply chain. Between 2015 and 2019, Argentina exported over 200 million tonnes (Mtonnes) of soy, 67% of which was soy cake.