Higher Argentine soybean exports says USDA attaché

Glacier FarmMedia MarketsFarm – Some adjustments to Argentine soybeans were made by the United States Department of Agriculture’s attaché in Buenos Aires. While the USDA and its attaché agreed Argentina’s soybean harvest for the 2024/25 marketing year is to be 49 million tonnes, the two differed on other categories. The report was issued during the week of March 10.

One notable estimate was the attaché pegging this year’s soybean exports at seven million tonnes versus the department’s 4.50 million. The report noted the reason for the higher projection is the Argentine government reducing export taxes on agricultural production from Jan. 27 to June 30.

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The Buenos Aires desk put soybean ending stocks at 8.41 million tonnes compared to the department’s official call of 9.07 million.

Soybean crush

As for the country’s soybean crush, there was little difference with the USDA at 41.50 million tonnes and the attaché at 42 million. The latter forecast soyoil production at 8.27 million tonnes with the USDA just short of 8.20 million. They agreed exports are to be 5.50 million tonnes, they differed on ending stocks. The USDA is at 398,000 tonnes and the attaché is higher at 476,000, based on the latter’s belief beginning stocks and total use are lower.

The Buenos Aires desk also had some differences on Argentina’s soymeal for 2024/25, including beginning stocks with the attaché at 2.19 million tonnes and the USDA at 3.32 million. A gap was also present in production with the attaché calling for 32.76 million tonnes compared to the USDA’s 32.37 million.

The attaché placed Argentina’s soymeal exports at 29 million tonnes while the USDA is slightly lower at 28.60 million. That led to a disparity in ending stocks with the department higher at 3.39 million tonnes and the attaché at 2.97 million.