Record crushing of 41.10 lakh tonnes of soybean in Argentina during September

22-Oct-2024 01:41 PM

Buenos Aires. Official data shows that the total crushing of soybean in the Latin American country Argentina during September 2024 increased rapidly to 41.10 lakh tonnes, which was 116 percent more than last year. This is a new record level of soybean crushing in the month of September.

The industry and trade sector is surprised by this government data, which is now estimating that the total domestic production of soybean reached close to 520 lakh tonnes in the 2023-24 season.

It is noteworthy that there was less crushing of soybean during the month of August, but the crushing of September made up for that deficiency.

According to industry and trade analysts, 6.25 lakh tonnes of soybean was imported in Argentina during September 2024, most of which was imported from Paraguay.

Despite this, about 35 lakh tonnes of soybean was supplied from domestic sources, which is surprising. Usually, farmers there do not sell such a huge quantity of soybean in a single month.

Argentina is the largest exporter of soy oil and soymeal in the world. Due to record crushing of soybean there, the production of its value-added products has increased and the industry is getting a good opportunity to increase its exports.

This development clearly indicates that millers are currently getting positive margins on crushing of soybean in Argentina. On the other hand, the export performance of soybean from there is weak.

During April to October 2024, about 35.30 lakh tonnes of soy oil is expected to be exported from Argentina, which is 11 percent more than the average shipment of the last 6 years.

The recent rains will help farmers in sowing soybean in Argentina. The maximum import of soy oil in India is from Argentina.