Soybean imports by Argentina should jump 139% in 2022/23 with drought, says stock exchange

Published 2023년 3월 23일

Tridge summary

Argentina's soybean imports are projected to double due to a severe drought, with an anticipated increase of 139% from the previous season, reaching 7.9 million tonnes. This is due to significant losses in the 2022/23 crop, which has dropped to 27 million tonnes from 42.2 million tonnes. As the world's largest exporter of soy oil and meal, Argentina is turning to Paraguay and Brazil for grain supplies. In the first two months of 2023, the country imported over 400,000 tonnes of soy, primarily from Brazil. The Rosario Stock Exchange also noted that Argentina's corn exports for the 2021/22 season reached US$9.15 billion, despite a 15% decrease in volume, thanks to high prices.

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Original content

(.) BUENOS AIRES (Reuters) - Argentina's soybean imports are expected to more than double this season due to the devastating impacts of a historic drought on the country's 2022/23 crop, the Rosario Stock Exchange said in a report on Thursday. Argentina is the world's biggest exporter of soy oil and meal, thanks to a powerful grain processing industry that can crush up to 73 million tonnes of the oilseed a year, but severe drought losses are accentuating the need for grain imports. from Paraguay and Brazil. The exchange predicts that Argentina will import 7.9 million tonnes of soybeans this season, 139% more than the previous season, with a harvest of just 27 million tonnes – up from 42.2 million tonnes last season. “Brazil has been standing out in this first part of the year as a growing supplier of soy to the Argentine oil industry, in addition to the high supply from Paraguay”, he said. Argentine companies imported just over 400,000 tonnes of soy in the first two months of 2023, ...

Source: Mixvale