September 27, 2004

Argentina's July Soybean Exports Down 46% From Year Ago
 
Argentina exported 937,855 metric tons of soybeans in July, or 46% less than the 1,742,138 tons exported during the same month a year ago, the latest Agriculture Secretariat data show.
 
Soybean shipments are down largely because China, which is by far the top importer of local beans, bought much less than a year earlier.
 
China imported 545,837 tons of Argentine soybeans in July, or about 60% less than the 1,359,192 it imported the previous year. Traders say Chinese crushers are importing less not because they have no need for soy but because they are waiting for lower prices.
 
"China needs soybeans," said Federico Mircoli, a trader and analyst with the Buenos Aires-based brokerage Granos del Parana. "This has more to do with timing and the market than with real demand."
 
Chile was the second-biggest buyer of soybeans in July, accounting for 68,043 tons, compared with 19,517 during the same month a year ago.
 
Indonesia ranked third with 59,768 tons against none a year earlier.
 
The Secretariat estimates that Argentina produced 32 million tons of soybeans during the 2003-04 campaign, compared with 34.8 million a year ago.
 
The U.S. Department of Agriculture sees 2004-05 soybean production at 39 million tons.
 
Argentina is the world's No. 3 soybean producer and exporter behind Brazil and the U.S.