The US is the Argentina’s largest soybean supplier since October

Buenos Aires, February 22nd. In the first month of the year, the US continued displacing Paraguay as the main Argentina’s soybean supplier. According to the Census and Statistics National Institute (INDEC), during January, the domestic crushing industry imported 717,201 metric tons of soybean, expending US$262 million.

But US provided 77% of that volume, or 551,995 metric tons, while Paraguay, the fourth larger world soybean producer, supplied the other 23% or 165,207 metric tons.

This trend started in October 2018. Between October to January, the US sent 1.8 MMT of soybean to Argentina, versus 0.8 MMT from Paraguay.

According to the RIA Consultores’ report during the last 12 months, the crushing industry imported 7.16 MMT of soybean, and it is expected that this rythm of imports continue until farmers begin to collect the 2018/19 harvest, estimated at 54/55 million metric tons.

Meanwhile, the INDEC report of foreign trade appoints that the soybean complex (bean, oil, pellets and biodiesel) had a US$265 miillion negative balance due to the collapse of biodiesel exports, the boosted imports of soybean, and a discrete growth in exports of soybean and soybean oil.