December 29, 2008

Argentine Jan-Sept soy exports increase; soyoil, soymeal decrease

Argentine's soy exports increased by 22 percent in the first nine months of the year, while soyoil and soymeal exports decreased.

The Agriculture Secretariat said in a monthly report that the country exported 10.55 million tonnes of soy from January to September compared with 8.62 million tonnes a year ago.

Argentina is the world's top exporter of soyoil and soymeal and the world's third largest supplier of soy.

The 2007/08 soy harvest was 46.2 million tonnes, according to government estimates, but a decrease from the previous season's record of 47.5 million.

The US Department of Agriculture, predicts that Argentina will export 13.83 million tonnes of the 2007/08 soy crop.

Even with Argentina's stronger soy sales, exports of soyoil dropped nearly 12 percent to 4.12 million tonnes from 4.69 million tonnes during the first nine months of 2007.

The largest buyer of uncrushed Argentine soy during the first nine months of the year was China, which bought 7.88 million tonnes. In the same period in 2007, it imported 6.32 million tonnes.

China also took top place as the largest importer of Argentine soyoil, buying 1.34 million tonnes between January and September. A year earlier, it bought 1.52 million tonnes during the same period.

Meanwhile, sales of soymeal pellets dropped 2.5 percent to 19.22 million tonnes from 19.70 million tonnes on-year.

The largest buyer of soymeal was the Netherlands, which imported 2.54 million tonnes during the nine-month period. Last year, the biggest buyer was Spain with 2.9 million tonnes.

Argentina also exported 6.48 million tonnes of wheat from January to September, down 9.5 percent from the 7.16 million tonnes shipped during the same nine-month period a year earlier, said the Agriculture Secretariat's report.

The USDA estimates Argentina's 2007/08 wheat exports at 10.5 million tonnes, falling to 5.3 million tonnes in the 2008/09 crop year due to lower production.

The government report said January-September corn exports were 13.46 million tonnes, up 5 percent from 12.8 million tonnes a year earlier. The USDA estimates Argentine 2007/08 corn exports to reach 15 million tonnes.