Argentina: Soybeans crush and foreign flour trade project records for 2024

The global oilseed crushing industry is witnessing significant growth, driven by increased demand for oils, especially in the biofuel sector. The 2022/23 cycle saw a notable production increase, with further growth anticipated in 2023/24, primarily fueled by palm oil, rapeseed, and sunflower oil. Soybean's contribution is also expected to rise, thanks to recovery efforts in Brazil and the United States, despite a previous setback from drought in Argentina. The industry sees varying trends among key countries; Argentina leads in average processing capacity per plant but faces idle capacity issues, while China, the United States, and Brazil are expanding their processing capacities. Argentina has been the top exporter of soybean meal, though its milling potential is slightly declining compared to Brazil's growth. Additionally, the competition between Brazil and the United States in the soybean meal market is intensifying, with both countries significantly increasing their soybean meal production over the past decade, aiming to meet the rising demand from their expanding biofuel sectors. This dynamic landscape underscores the shifting competitive edges among leading countries in the global oilseed crushing industry.