July 2, 2024

Argentina exports more than five million metric tons of soybean in May

Argentina saw more than 5.1 million metric tons (Mt) of soybean exported in May this year, surpassing the average of the last 10 years for the month and marking the highest volume since 2020 and 60% more than last year.

Of the total shipped in May, just over 3Mt consisted of soybean meal mainly destined for Turkey and Southeast Asia, while 543,000 tonnes of soybean oil were exported with India as the preferred destination. 1.4 Mt of soybeans were shipped, almost exclusively to China.

The lineup for the second half of June so far shows that ships should be loaded with 2.8Mt corresponding to the soybean complex.

Of those, 700,000 tonnes of soybeans would be shipped to China.

In the case of corn, more than 3Mt was shipped in May, above the average for the month in the last 10 years and the cumulative shipments are already ahead of the average.

Argentine corn is currently the most competitive in the FOB market.

- Rosario Stock Exchange