Argentina exchange sees 2022/23 soy imports up 139% due to drought
Mar, 24, 2023 Posted by Gabriel MalheirosWeek 202315
Argentina’s soybean imports are expected to more than double this season due to the devastating impacts of a historic drought on the country’s 2022/23 harvest, the country’s Rosario grains exchange said in a report on Thursday, March 24.
Argentina is the world’s leading exporter of soybean oil and meal, thanks to a powerful grain processing industry that can crush up to 73 million tonnes of the oilseed per year, but serious losses from the drought are accentuating the need for imports from Paraguay and Brazil.
The exchange predicts that Argentina will import 7.9 million tonnes of soybean this season, up 139% from the previous season, on the back of a harvest of just 27 million tonnes – from a previous harvest of 42.2 million tonnes.
“Brazil has been emerging in this first part of the year as a growing supplier of soybeans for the Argentine oil industry, in addition to the high supply from Paraguay,” it said.
Argentine firms imported just over 400,000 tonnes of soybeans in the first two months of 2023, the exchange added, including about 170,000 tonnes from Brazil so far in March.
Last week, the president of Argentina’s grain processing chamber CIARA told Reuters the sector is in crisis and operating at the lowest capacity in history.
Regarding corn, the exchange said Argentina exported $9.15 billion of the crop from the 2021/22 harvest, prior to the impact of the drought, its second-highest level thanks to high prices even as volumes slipped 15% from the year before.
Source: Nasdaq with information from Reuters
To read the original, please visit: https://www.nasdaq.com/articles/argentina-exchange-sees-2022-23-soy-imports-up-139-due-to-drought
-
Other Logistics
Jul, 20, 2021
0
Rumo may build a R$12 billion railroad in Mato Grosso
-
OTI Rankings
Feb, 27, 2023
0
OTI Ranking | DataLiner | Jan-Dec 2022 vs. Jan-Dec 2021 | Brazil and Plate
-
Economy
Oct, 05, 2021
0
WTO raises to 10.8% the forecast of a rise in world trade in 2021 and indicates a slowdown to 4.7% in 2022
-
Other Cargo
Mar, 02, 2022
0
Belarus says fertilizer export to Brazil is impeded by en-route blockade