Soybean processing in Argentina enters crisis with threat of drought

By Maximilian Heath BUENOS AIRES (Reuters) - Argentina's soybean crushing plants are operating at their lowest-ever capacity due to the impact of a brutal drought, the head of the country's main grain processing chamber said on Wednesday. Argentina, the world's biggest exporter of soybean meal and soybean oil, is expected to have a soybean production of 27 million tons this season, the lowest in nearly a quarter of a century, as a result of low rainfall and high temperatures, the exchange said. of Rosario beans from Argentina. In 2022, exports of soy by-products, Argentina's main source of foreign exchange, totaled 18.519 billion dollars. Gustavo Idigoras, head of CIARA's oilseed and grain processing chamber, said the sector faces a "crisis" with idle industrial capacity approaching 70%, the highest for when there are no protests. Although the 2022/23 harvest has yet to start, farmers are reluctant to sell stored grains, fearing that a meager harvest will lead to depleted reserves ...