In March, Argentina updated the monthly record for imports of soybeans, purchasing about 1.3 million tons of oilseeds, which is almost 1 million tons higher than the level in the same month last year. Such data were published by specialists from the National Institute of Statistics and Census (INDEC).
The demand for the crop in the country is actively growing against the backdrop of drought, due to which South American farmers will not be able to collect the necessary amount of soybeans for its further supply to domestic fat-and-oil enterprises.
According to many industry experts, the gross harvest of oilseeds in Argentina this season will be about 25 million tons against about 43 million tons in 2021/22.
“As a result, Argentina has significantly increased imports from neighboring Paraguay and Brazil,” INDEC explains.
According to the US Department of Agriculture, soybean imports to Argentina for the entire current season could reach 8.3 million tons.