Good prospects for the production of soybean oil and meal in Argentina

Published 2024년 3월 26일

Tridge summary

The 2023/24 soybean campaign in Argentina is poised for a significant rebound, with production estimates reaching 50 million tons, a 150% increase from the previous year. This recovery is set to boost the Argentine agroindustry by enhancing soybean crushing capabilities, thereby increasing the production of soybean oil, flour, and biodiesel. Soybean oil production is expected to hit 7.5 million tons, securing Argentina's position as the world's leading supplier for the 28th year in a row, with exports projected at 5.4 million tons. Biodiesel production is also anticipated to see a 69% increase, reaching 1.3 million tons. Furthermore, soybean meal production is estimated at 29.1 million tons, with exports at 28.0 million tons, reinstating Argentina as the top global exporter. The country's main export destinations include India, Bangladesh, Peru, China, South Korea, Vietnam, Malaysia, Indonesia, Ireland, and Turkey. This optimistic forecast is expected to bolster the national economy, enhance exports, create jobs, and reaffirm Argentina's critical role in the global soybean product market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

After a 2022/23 campaign in which soybean production recorded its lowest volume in almost three decades, a production of 50 Mt is emerging in 2023/24, which would represent an interannual recovery of around 150%, that is , a harvest and a half more than last year. In a context of marked decline in economic activity, this contribution of soybeans will be of great relevance for the strengthening of the Argentine agroindustry, since it will allow our country to improve its crushing numbers for the oilseed, enabling greater production of both soybean oil and flour, as well as biodiesel. Soy oil In relation to soybean oil, it is expected that the greater supply of beans will allow a significant productive recovery. According to our own estimates, soybean crushing would be around 39.6 million tons in the 2023/24 campaign. In this way, the increase with respect to the previous campaign would be 48% and would be 8% above the average of the last five campaigns, of 36.5 Mt. As a result of ...

Source: Agromeat