June 5, 2007

Argentina's April soy crushing slightly up by 0.6 percent to 2.98 million tonnes

Soy crushers in Argentina have processed 2.98 million tonnes of soybeans in April, posting a slight increase by 0.6 percent from the same month in 2006, the Agriculture Secretariat said on Thursday.

The government said in its monthly soy processing report that Argentina has produced 579,063 tonnes of soyoil and 2.28 million tonnes of soymeal pellets in April.

Soy crush rose to 9.58 million tonnes in the first four months of the year compared with 9.54 million tonnes during the same period a year ago.

A sharp increase in Argentina's crushing capacity in recent years was noted due to high global prices for soyoil and soymeal coupled with low production costs.

In 2006, the country's soy crush rose 14 percent from the previous year.

Argentina is the third-biggest exporter of unprocessed soybeans and the world's largest exporter of soyoil and soymeal. Soy output has roughly doubled in the last decade and a record harvest is expected again this year.

The government forecasts 2006/07 soy production of 45.2 million tonnes, up from 2005/06's 40.5 million tonnes.