Argentina: Record soybean crushing in October

Published 2024년 12월 2일

Tridge summary

October marked the highest soybean oil export volumes in 17 years, making it the second-best month for soybean oil exports in Argentine history. The country has exported 4.4 million tons of soybean oil from April to November, placing it among the top three export campaigns, with India and China as the main importers. This surge in exports is due to high global demand for vegetable oils. In contrast, Argentina's local soybean industry also saw record-breaking performance in October, with a new high in soybean crushing at 4 million tons. However, soybean imports, mainly from Paraguay, have increased by 60% compared to last year, accounting for 19% of the total grinding. Despite the high local price of soybeans, domestic purchases have increased by 7% in the last four weeks.

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

Original content

With the recent publication of official soybean oil export volumes for the month of October, we were able to confirm what the shipping data had already indicated on paper: the tons exported during the tenth month of the year were the most important in 17 campaigns. Thus, October became the month with the highest soybean oil exports for the current cycle, being the second time in history that something similar has happened. In the same vein, this month of November that we are now leaving behind remains in full force for oil shipments, and according to preliminary estimates by the maritime agency NABSA, the penultimate month of the year should end with just over 630,000 tons of soybean oil shipped. If so, it would become the second best month of the campaign and the highest volume of soybean oil exported for a November in fourteen years. In the cumulative total from April to November, 4.4 Mt of soybean oil have already been shipped, placing it, together with the 2019/20 cycle, in ...

Source: On24