December 20, 2004

 

 

Argentina's Oct Soybean Exports Up 18% From Year Ago

 

Argentina's year-on-year soybean exports rose again in October, the latest Agriculture Secretariat data show.

 

Argentina exported 111,564 metric tons of soybeans in October, up 18.4% from 94,256 tons exported during the same month a year ago.

 

Sales rose as China bought 58,127 tons in October, compared with none in October of last year. China accounted for a little more than half of Argentine soy exports that month.

 

But while October's year-on-year exports to China were up, month-on-month imports from China were way down. In September, China imported 486,368 tons of Argentine soy.

 

Argentina's soybean exports, as well as a significant chunk of its foreign trade, is dependent on Chinese demand. China typically buys around two-thirds of Argentina's soybean exports.

 

Brazil, the world's No. 2 producer and exporter of soybeans, imported 17,050 tons of Argentine soy in October. Last year Brazil bought no local soy.

 

Chile was the third-biggest buyer of soybeans in October, accounting for 9,900 tons, compared with 9,000 during the same month a year ago.

 

The Secretariat estimates that Argentina produced 32 million tons of soybeans during the 2003-04 campaign, compared with 34.8 million in 2002-03.

 

The U.S. Department of Agriculture sees 2004-05 soybean production at 39 million tons. It estimates that Argentina will export 6.8 million tons of 2003-04 soybeans but that this figure will rise to 7.97 million tons for 2004-05.

 

Argentina is the world's No. 3 soybean producer and exporter behind Brazil and the U.S.