Argentina Set to Reclaim Top Spot in Soybean Meal Exports, Rosario Exchange Predicts

Argentina is poised to reclaim its position as the leading global exporter of soybean meal in the 2023/24 season, having ceded the title to Brazil in the previous period, as projected by the Rosario Commerce Exchange (BCR). Additionally, the BCR foresees a resurgence in the country’s soybean oil production following challenges stemming from drought during the 2022/23 season. The BCR anticipates soybean production in Argentina to reach 50 million tons in the 2023/24 campaign.

“The anticipated increases are not only expected to bolster the national agribusiness sector but could also yield significant economic benefits through heightened exports and job creation within the industry,” wrote the Exchange in a press statement.

Following a period of severe drought resulting in the lowest soybean production volume in three decades, the Stock Exchange projects Argentina to produce 29.1 million tons of soybean meal in the current season, marking a 10 million ton increase from the previous campaign and surpassing the average of the last five years by 2.6 million tons. Shipments are forecasted at 28 million tonnes, representing a 51% surge from the previous year and a 10% uptick from the average of the last five years, according to the BCR.

With a projected 48% growth in soybean crushing compared to the previous year, the Exchange estimates Argentina’s soybean oil production to reach 7.5 million tons in 2023/24. This anticipated volume exceeds the 2022/23 production by 2.4 million tons and surpasses the five-year average by 400 thousand tons.

The BCR also predicts that exports will reach 5.4 million tons, reflecting a 62% annual increase and a 10% rise compared to the average of the last five years. “With this export volume, Argentina is poised to maintain its status as the world’s largest supplier of soybean oil for the 28th consecutive year, a milestone achieved in the 1996/97 campaign,” commented the Exchange.

Source: Broadcast Agro

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