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According to the latest estimates, soybean production in Argentina will reach 50 million tons (Mt) in 2023/24, two and a half times more than the previous season. This increase comes from an increased harvested area (+35.3%) and increased yields (+84.8%).
Analyzing the production by region, the central region would account for just over 76% of national production (about 38.1 Mt), an increase of more than 218% (+26.1 Mt) compared to the 22/23 season. The southern region would see an increase of 3.3 Mt compared to the previous season, reaching around 7.3 Mt. The northern region would see the smallest increase in production, reaching 4.7 Mt (+0.7 Mt compared the previous season).
The higher production would significantly increase exports, projected to reach 6.9 Mt, the highest figure since the 18/19 season. The oil industry would recover to levels similar to before the drought, with 39.6 Mt projected to be processed.
The expansion of Argentina's traditional oil industry has not only facilitated the industrialization of domestically grown soybeans but has also enabled soybeans to be imported from neighboring countries for processing and subsequent exportation of by-products to global markets. Consequently, an estimated 4.9 million metric tons of soybean imports are anticipated.
Due to the importance of livestock production in the central region, particularly poultry and swine, it is estimated that 3.6 Mt of soybeans is destined directly for the feed industry, expellers, and self-consumption in the field.
March 22, 2024/ Rosario Stock Exchange/ Argentina.
www.bcr.com.ar
