February 20, 2008

Argentina's soy stocks up 23 percent on-year, soyoil up 40 percent

Argentina's soy stocks totaled 2.0 million tonnes as of Jan 1, up 22.5 percent from 2007, the country's Agriculture Secretariat announced.

Soyoil stocks were up nearly 40 percent to 302,063 tonnes as of Jan. 1, compared to the same date a year earlier while stocks of soy pellets totaled 1 million tonnes, up from 661,363 tonnes a year earlier.

Argentina is the world's leading soyoil and soymeal exporter. It follows the US and Brazil in soy exports.

However, sunseed stocks were only a fifth of what they were compared to a year earlier. Sunseed stocks held by crushers as of Jan 1 is just 49,410 tonnes compared to 265,767 tonnes the same time a year earlier.

Sunoil stocks was also down 31 percent from 60,448 tonnes a year earlier to 41,210 tonnes on Jan 1.

Sunseed pellet stocks was also down nearly 40 percent, from 52,944 tonnes a year earlier to 32,125 tonnes.