December 30, 2008
Argentina's November soy exports fall as farmers retain stocks
Argentina's soy shipments in November decreased from October and from November 2007, as farmers are retaining up to 10 million tonnes of stocks.
Argentina's soy shipments in November totalled 144,732 tonnes, down sharply from 1.1 million tonnes shipped in October and down from 1.6 million tonnes during the same month a year earlier, according to the latest data from the animal and food-inspection agency, Senasa.
The government report did not provide an explanation for the sharp decline in exports in November, but analysts say farmers are retaining old-crop soy stocks in hopes of better prices following the sharp declines seen in recent months.
Exporters are likely using all the soy they can get their hands on to feed the crushing plants that turn the crop into meal and oil rather than exporting raw soy.
November soy exports were valued at just US$54 million.
Soy shipments during the first 11 months of the year totalled 11.7 million tonnes, up from 11.4 million tonnes during the same period a year ago.
China was, by far, the largest destination for Argentine soy exports, buying 9.2 million tonnes from January through November.
Soymeal exports in November totalled 1.2 million tonnes, down from 1.6 million tonnes a year earlier. Shipments during the first 11 months of the year reached 11.8 million tonnes, down from 12.9 million tonnes a year earlier.
Spain was the leading destination for Argentine soymeal during the first 11 months of the year, followed by the Netherlands, the Philippines, Indonesia, Thailand, South Africa and Italy.
November soy pellet and cake exports totalled 262,597 tonnes, compared with 305,296 tonnes in November 2007. Soy pellet and cake exports during the first 11 months of the year totalled 2.8 million tonnes, up from 2.7 million tonnes a year ago.