Argentina sold a record volume of soybeans in September

A record 15 million tons of soybeans were sold from Argentina to foreign markets in September 2022, when the country’s government began to stimulate oilseed exports by improving the exchange rate of the national currency, the peso. Analysts of the Hamburg analytical agency OilWorld (Germany) provide such data in their report.

According to experts, during the reporting period, China, the world’s key soybean importer, purchased at least 60 oilseed cargoes from Argentina with a total volume of 3.5-3.6 million tons.

Some traders note that Asian traders contracted more than 4 million tons of crop in September, helped by a slowdown in US exports.

“Against the backdrop of such a high pace of soybean sales in Argentina, it is expected that the volume of oilseed exports may increase significantly in October and November,” the report says.

Recall that in September, farmers sold soybeans at a preferential exchange rate (200 pesos to 1 US dollar).

Argentina is the world’s largest exporter of soybean oil and meal, as well as one of the key suppliers of soybeans to foreign markets.

Tags: soybean meal, Argentina, China, soybean oil, soybean