December 7, 2007

Argentina's October soy crush up 36 percent

Soy crushers in Argentina processed 3.58 million tonnes of soy in October, up 36 percent from the same month last year, the Agriculture Secretariat said in its latest report.

In the first 10 months of the year, processing of the oilseed rose to 29.24 million tonnes from the 27.44 million tonnes that were crushed in the same period last year.

The South American country is the world's top exporter of soyoil and soymeal and the third biggest exporter of unprocessed beans.

October production totalled 685,111 tonnes of soyoil and 2.77 million tonnes of soymeal pellets, according to the monthly report.

High prices for soy derivatives and low local production costs have been a major incentive for investment in crushing capacity in Argentina in recent years.

The Secretariat estimates 2006/07 soy production at a record 47.5 million tonnes.