Argentina is on its way to regaining its position as the largest exporter of soybean meal

Argentina processed 2.98 million tons of soybeans in March, up 26.4% from 2.36 million tons in the previous month and up 41.5% year-on-year, the National Secretariat of Agriculture, Livestock and Fisheries (SAGyP) said.

Argentina is on track to regain its position as the largest exporter of soybean meal in 2023-2024 as the soybean crop, which is expected to have nearly doubled in size, begins to reach the market, but the country faces growing competition from Brazil and the US for global market share, according to Fastmarkets.

Meanwhile, the harvest in Argentina’s main agricultural zone is the weakest in 8 years, while the area planted to wheat may be down 5% from a year earlier, the Rosario grain exchange (BCR) said.

Tags: soybean meal, Argentina