soybean imports triple exports

Buenos Aires, October 24th. Oilseed industry accumulates soybean imports for 4.3 million metric tons, a volume that triples exports, that accounts 1,4 million metric tons. The 81% of the imports come from Paraguay while the remaining 19% from “confidential” origins, possibly the US and Brazil. It’s probably that 2018 concludes with more than 5 MMT of soybean imported, a record volume, analyst and brokers opine.

In September, Argentina imported 330,000 tons of soybean and exported 121,000 tons. The drought during the 2017/18 summer cut the soybean harvest from 55 MMT initially estimated to less than 38 MMT finally collected. This cut in the production pushed the industry to privilege the crushing over the export of the bean.

To September, the industry had crushed 27.9 MMT of soybean, a 15% less than in 2017. It’s estimated that the year concludes with no more than 35 MMT of soybean processed, while de crushing capacity rounds 60 million metric tons. In 2016, the oilseed industry reached a record of crushing, accounting 45 MMT.

“We estimate that the commercial year (April 2018 to March 2019) will conclude with around 6 MMT of soybean imported, where the US will be supplying 1.5 million metric tons, Paraguay more than 3 million and Brazil close to one million”, grain market analyst and consultant Paulina Lescano, opines in dialogue with

Lescano thinks that is probably that during the next commercial season Argentina exports 14 MMT of soybean, like the Buenos Aires Grain Exchange project. “The trade war between the US and China seems not to be solved in the short term and we expect that China comes to Brazil and Argentina to buy the bean”, she added. “Moreover, as local Government eliminated the tax export gap between the bean and the byproducts, it’s probably that the companies -that basically are the same- prefer to export the bean instead of the meal or the oil”, Lescano said.

The registers of the Ag-Industry secretariat yet began to receive solicitudes to export soybean next season. “It’s a tiny volume, but it’s accounting 400,000 tons versus zero ton in October 2017”, Lescano explains.

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