January 29, 2007

 

Argentina's November soy exports up 212 percent on China sales

 

 

Argentina's year-on-year soybean exports rose 212 percent in November due to a surge in sales to China, the latest Agriculture Secretariat data show.

 

Argentina exported 452,563 tonnes of soybeans in November, up from 145,035 tonnes a year ago.

 

China imported 379,514 tonnes in November, compared with the 43,760 tonnes it bought during the same month a year ago.

 

China is seeking to boost domestic processing of soybeans and has launched a major expansion of capacity to produce soyoil and meal from domestic and imported beans, according to analysts.

 

Argentina is the world's no. 3 soybean producer and exporter behind the US and Brazil and is the leading exporter of soyoil and meal.

 

Argentina shipped 449,617 tonnes of soyoil in November, compared with 358,696 tonnes a year ago.

 

China led the importers in November, buying 126,165 tonnes, up from 63,900 tonnes a year ago.

 

Argentina also exported 2,131,790 tonnes of soymeal and pellets in November, up 14.1 percent from 1,868,185 tonnes during the same month a year ago.

 

The Agriculture Secretariat estimates that Argentina will produce a record 43 million tonnes of soybeans in 2006/07.

 

The US Department of Agriculture estimates soybean production at 42.5 million tonnes, up from 39 million a year earlier.