Buenos Aires, June 28th. After a severe drought that cut the soybean production in the 2017/18 season, the 2018/19 harvest, estimated at 55 million metric tons, is coming once again to the foreign markets. According to the Census and Statistics National Institute (INDEC) soybean is the second large exported product in the first five months of the year (behind the corn), summing US$795 million versus US$279 million in 2018, marking a 189% increment.
Instead, soybean oil exports grew only 14% from US$1,185 million in 2018 to US$1,350 this year. In the opposite way, soybean meal exports dropped from US$3,962 to US$3,516 million, while biodiesel exports also dropped from US$437 to US$320 million.
Hence, the total soybean complex exports remain stagnant from one year to the other, as we can see in the following chart by RIA Consultores.
The drop in the added value products is offset by the raw material exports. This is a consequence of the governmental decision to match the export taxes of the grain and the byproducts. The crushing industry has not more an incentive to compensate for the import duties of the foreign countries.