After being below the historical averagesIn the first quarter, an increase of 41% was recorded in soybean meal exports compared to the same period in 2023.
This means that sales amounted to 5 million tons in these first three months. For its part, the Rosario Stock Exchange (BCR) reported that globally there was also an increase, this time of 19%.
Argentina aims to challenge Brazil for first place
“The greatest year-on-year growth was noted for Argentina, which would have achieved, according to preliminary data from the entity, external sales of 2 million tons during the month of March,” the entity indicated. For the BCR, this information is important, since Argentina has just lost its first place as an exporter after being the main country for 25 years.
“The first place on the podium was then occupied by Brazil, although projections indicate that “Argentina would regain its leadership during the new ongoing campaign,” noted the BCR.
The report detailed that the increase is due to the greater volume of crushing in the first three months. The Bioeconomy Secretariat reported that 6.6 million tons were processed.
The greater availability of grains allowed the increase. This increase in volume was generated by imports and greater purchases in the domestic market.
“It is estimated that the soybean imports, coming mainly from Paraguay, amounted to 1.4 Mt from January to March, being above the historical average of imports for this period. Meanwhile, domestic purchases of soybeans for the 2022/23 campaign totaled 3.1 Mt in the last quarter of the campaign, highlighting January and February as the third and fifth months with the highest commercialization of the campaign, respectively,” the report stated. .
When looking at Brazil, it appears that the National Supply Company (CONAB) reported that the soybean harvest for the 2023/24 cycle covered 76.4% of the planted area. “This progress increases supplies of the oilseed in the international market, and Brazil stands out as the main producer and exporter of soybeans in the world, This generates pressure on the market,” reported the BCR.
Based on these numbers, prices in the Chicago market were lower as traders pay attention to weather conditions in the Midwest.
Source: Ambito
