Argentina will reduce soybean processing by 30% in 2023

The Rosario Grain Exchange estimates that Argentina's soybean processing volumes in 2023 fell by 29% per year to 27 million tons, the lowest level since 2004. As noted, against the backdrop of a reduction in soybean production in Argentina last season (by 56% per year), the domestic vegetable oil production industry experienced a significant shortage of raw materials, although imported soybeans somewhat compensated for the losses. Thus, in 2023, more than 36% of processed oilseeds were imported. In particular, soybeans were imported for industrial processing, and processed products with a higher added value (oil, meal, biofuel, glycerin, etc.) were exported. Exchange analysts noted that soybean imports have reduced unused industry capacity while helping maintain employment and national exports. Unused capacity in Argentina last year reached 54% and was the highest in the history of the ...