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May is the month in which, seasonally, the highest tonnage of soybean complex is exported, and during this year more than 5.1 million metric tons (Mt) were sent abroad, surpassing the average of the last ten years for this month, marking the highest volume since 2020 and 60% more than last year.
Of the total shipped in May, just over 3 Mt corresponded to soybean meal, mainly destined for Turkey and Southeast Asia, while 543,000 tons of soybean oil were exported with India as the preferred destination, and finally, 1.4 Mt of soybeans were shipped, almost exclusively to China.
The line up for the second half of June so far shows that ships should be loaded with 2.8 Mt corresponding to the soybean complex. Of these, 700,000 tons of soybeans would be shipped to China, 1.6 Mt of soybean meal, and more than 400,000 tons of oil. If this is achieved, June would end with 4.6 Mt shipped corresponding to the complex, well above the average of the last ten years.
In the case of corn, more than 3 Mt was shipped in May, above the average for the month in the last ten years and the cumulative shipments are already ahead of the average. Argentine corn is currently the most competitive in the FOB market.
June 14, 2024/ Rosario Stock Exchange/ Argentina.
www.bcr.com.ar
