January 10, 2006

Argentina's October soybean exports up 171 percent

Argentina's year-on-year soybean exports rose 171 percent in Oct 2005 as China, the world's top soybean importer, bought more, the Agriculture Secretariat reported Monday.

Argentina exported 302,583 tonnes of October soybeans, up from 111,564 tonnes a year ago.

China accounted for almost 72 percent of Argentina's soybean exports in October. The Asian nation imported 217,321 tonnes that month, compared with 58,127 tonnes during the same month a year ago.

United Arab Emirates ranked second, importing 56,470 tonnes compared with none a year ago.

Colombia came in third with 15,276 tonnes against none the previous year.

Argentina is the world's third largest soybean producer and exporter behind the US and Brazil.

The USDA has forecast Argentina's 2005/06 soybean production at a record 40.5 million tonnes.

The USDA has estimated Argentina will export 9 million tonnes of 2004/05 soybeans, up from 6.71 million a year earlier. The USDA sees 2005/06 soybean exports totalling 9.7 million tonnes.