February 1, 2006

Argentina's soy exports soar on increased demand from China
 

Argentina's year-on-year soybean exports soared in December as China, the world's top soybean importer, bought heavily from the South American nation, the Agriculture Secretariat reported late Friday.

Argentina exported 194,761 tonnes of December soybeans, up 1,654 percent from just 11,101 tonnes a year ago.

China accounted for 78 percent of Argentina's soybean exports in December. The fast-growing Asian nation imported 152,602 tonnes that month, compared with none during the same month a year ago.

Italy ranked second, importing 30,214 tonnes compared with none a year ago.

Chile came in third with 6,077 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.

Argentina exported 9,822,626 tonnes of soybeans in 2005, up 47.3 percent from 6,667,817 tonnes in 2004.

The USDA sees 2005/06 soybean exports totalling 10 million tonnes.