Buenos Aires, October 5th. The Buenos Aires Grain Exchange (BCBA as it Spanish acronym) forecasts a huge growth of soybean export during 2018/19 commercial year. The BCBA find that Argentine bean exports will reach 15.4 million metric tons versus 3.5 MMT during the current commercial campaign.
Argentina is the largest world soymeal and soyoil supplier. But the trade war between China and the US is re-focusing the Chinese demand over Latin America.
With an initial offer of 61 MMT (remaining stocks from 2017/18 season, harvest and imports) of soybean, the crushing industry only could catch 36.6 MMT to transforming in byproducts, while 15.4 MMT will be exported as raw material to met de Chinese demand.
According to the RIA Consultores reports, the oilseed industry reached a soybean crushing record during 2016 with 44.5 MMT. This year the oilseed industry accumulates only 25.0 MMT Jan-Aug, and it is expected the year concludes with no more than 35 million metric tons processed.
In statements to the media, deputy president of the Cargill branch in Argentina, Fernando Cozzi, qualified as “a little unfair” the fact that Argentina is available to export soybean to China, but not the soybean meal. The executive also criticized the Government’s decision to put in the same level the export taxes for the soybean export and for its byproducts. “Thereby, who exports industry products like the meal or the oil pay more taxes than who export the raw material, and this not occur in the rest of the world”, Cozzi added.