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The historic drought has had a major impact on soybean production during the current season, and the low harvest volume has drastically affected the agribusiness sector. The latest official data published by the Secretariat of Agriculture, Livestock and Fisheries show that soybean crushing during the month of September reached just 1.9 Mt (million tons), which represents the lowest level of crushing for this month since the 2000/01 season. Thus, the accumulated crushing of the oilseed in the first half of the season totals just 15.9 Mt, the lowest level in 18 years.
The combination of a low harvest together with a large advance in the commercialization of production means that the availability of soybeans to be sold for the remainder of the season is scarce, only 2.7 Mt, as indicated in the last weekly report. As a consequence, Argentina will depend on its capacity to import oilseeds to keep its factories running.
According to data from the National Institute of Statistics and Census (INDEC), foreign purchases of soybeans totaled 8.8 Mt during the first nine months of the year, reaching historically high levels. It should be noted that, in July, with only seven months of accumulated imports, Argentina had already surpassed its 2018 annual record volume of imports of 6.6 Mt.
November 3, 2023/ Rosario Stock Exchange/ Argentina.
https://www.bcr.com.ar/
