In Argentina, after a poor harvest year, processing companies faced a shortage of soybeans, UFOP reports.
In this regard, the capacity of processing plants in Argentina is currently reduced to only ⅔ of the total capacity. At the same time, it is possible that the level of production capacity utilization may decrease further if domestic soybean supplies continue to decline. At the same time, the first batches of the new Argentina oilseed harvest will be available for the industry not earlier than May 2024.
In the period from January to August 2023, the volume of soybean processing in Argentina decreased by 27% year on year to 19.6 mln tonnes, the lowest since 2015. Moreover, it is noted that processing plants were completely dependent on soybean imports to fulfill their obligations. Thus, in January-August 2023, Argentina imported 8.2 mln tonnes, which was the record high. The total imports of the oilseed may reach 10 mln tonnes in the current year.
As a reminder, the analysts of Buenos Aires Grain Exchange forecast the soybean harvest in Argentina in the new season at 50 mln tonnes (21 mln tonnes in 2022/23 MY).
Import/Export Statistics
Please click to reach our marketplace