“The measures taken by the Government, allowing the return to tax equality between processed soybeans and unprocessed soybeans, have helped the oil industry to become competitive again. Proof of this is the strong recovery in exports of soybean oil and sustained exports of soybean meal during November, while soybean exports were significantly reduced, the latter going from 2.1 million tons in October to 845,000 in November, a 60% month-on-month drop”, details the latest agro-industrial monitor prepared by CIARA-CEC.
On November 28, the Government, in addition to implementing the soybean dollar II, brought forward the return of withholdings on soybean meal and oil to 31%, two points less than beans that are currently taxed at 33%.
The latest data available shows that the grinding of November 2022 was 3.32 million tons, which marks an increase of 408,000 tons compared to the previous month (October was 2.9 million tons). Extrapolating the milling accumulated in the January-November period (35.83 million tons), this is the sixth largest volume of processed soybeans. But it also marks a drop of 3.6 million tons compared to the same period of the previous harvest (39.4 million tons during 2021).
“The largest grinding volume for a month of November occurred in 2016 with a record of 3.645 million tons. In the period Jan-Nov 2022, it accumulated 35.8 million tons, compared to 39.3 million tons in the same period of 2011. This decrease of 3.612 million tons in milling in the first 11 months of the year is equivalent to the loss of US$2,240 million in foreign currency income, and the loss of US$695 million in income from withholdings on exports,” it was indicated.
By 2023, according to the industry, shipments of soybean by-products would once again grow to the detriment of beans. However, an important question arises for the coming months and that is that the current drought will complicate the purchase of milling companies to find good quality grain and, in turn, a possible drop in the harvest could have a full impact on the milling capacity. of 2023.
In any case, the data for November and what will be known shortly for December is a positive summary for the sector. During the last month of the year, soybean oil exports (414,151 tons) increased by 95% compared to the previous month (211,786 tons). In the case of soybean meal, exports in November (2.4 million tons) increased by 93,028 compared to October, but the increase compared to September was 720,527 tons.
Source: Ambito
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