Argentina increased soybean processing in March

Last month, the volume of soybean processing in Argentina increased by 0.6 million tons compared to February – up to 2.99 million tons. Such data were released by analysts of the OilWorld agency (Germany), emphasizing that at the end of the first quarter the figure was a record – at the level of 7.48 million tons (+1.9 million tons to January-March 2023).

Against this background, the country also managed to increase exports of soybean oil and meal in March – up to 453,000 tons (250,000 tons a year earlier) and 2.16 million tons, respectively.

“In the first quarter, Argentina supplied to foreign markets 5.23 million tons of soybean meal and 1.3 million tons of soybean oil,” the report said.

Meanwhile, experts said sunflower processing volumes last month slipped to 374,000 tons from 444,000 tons in March 2023.

“Oilseed processing for the first quarter of 2024 is estimated at 880,000 tons compared to 872,000 tons in the first three months of 2023,” the experts explained.

Sunflower oil exports in January-March were quite high at 227,000 tons (134,000 tons in Q1 2023), while meal shipments fell to 192,000 tons (235,000 tons).

Tags: soybean, Argentina