February 9, 2011

Argentine 2010 soy crush rises nearly 22% on-year

Argentina's soy crushing has risen 21.6% in 2010 from a year earlier to 36.8 million tonnes, boosted by the record 2009/10 yield, as reflected in the government's latest monthly report.

Argentina's soy processing fell for almost a year due to the poor, drought-hit harvest of the 2008/09 season, but improved weather lifted 2009/10 soy output to a record 52.7 million tonnes, according to government estimates.

The monthly government report said soy crushing increased 35% on-year in December to 2.7 million tonnes.

Soy crushers produced 515,078 tonnes of soyoil-up 36% from the same month a year earlier. Soymeal output rose 33% to two million tonnes in December on-year.

In all of 2010, crushers produced seven million tonnes of soyoil, up 21.3% from the previous year. Soymeal output rose 19.7% to 28.3 million tonnes on-year.

Severe dryness caused by the La Nina weather phenomenon from November to mid-January has prompted many crop analysts to lower their estimates for 2010/11 soy output to below 50 million tonnes.

However, recent showers have replenished soils and rejuvenated soy crops in farming areas where dryness lingered.