Argentina reduced soybean oil shipments in November, while year-over-year exports increased.
Argentina reduced its soybean oil shipments in November to 524,000 tons, down from 646,000 tons the previous month and 687,000 tons in November last year, according to Oil World (Germany).
India and Nepal remained the largest markets for Argentine soybeans, with Argentina shipping a combined 339,000 tons (316,000 tons in October and 340,000 tons in November 2024).
In the first 11 months of this year, Argentina exported 6.48 million tons of soybean oil, down from 6.33 million tons in January-November 2024.
Further shipments of Argentine soybean oil are expected to remain below last year’s levels due to a likely significant reduction in soybean processing. Argentina’s soybean stocks at the beginning of December were below last year’s level, at 4.5 million tons.
Earlier, it was announced that Argentina had once again reduced export duties on the entire soybean industry. Specifically, soybean duties were reduced by more than tenfold, from 265% to 24%, and soybean products were reduced from 24.5% to 22.5%.
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