Argentina soy, corn trucks entering key grains port at 22-year low

Argentina’s main grains port is seeing the lowest number of trucks with soy and corn in at least 22 years, the Rosario grains exchange said on Friday, after a historic drought battered production of the two key crops.

The South American country is the world’s top exporter of processed soy oil and meal, though could lose at least part of its soy crown to Brazil due to the crippling drought. It is also the world’s No. 3 corn exporter and an important wheat producer.

The Rosario grains exchange said in a report that around 280,000 trucks with soy and corn had entered the port in the March-May period, less than half the number in the same period of 2022 and 62% below the average of the last five years.

The vast majority of Argentina’s grains production is transported by truck and some three-quarters of it goes through the inland river ports at Rosario.

The exchange said the drop-off in trucks was even more pronounced for corn, partly due to a delayed harvest.

The exchange added that soybean imports in the first four months of the year had hit a record for the period of more than 3 million metric tons as the country’s famed crushing plants looked to reduce idle capacity.

The Rosario exchange estimates 2022/23 soybean production at 21.5 million metric tons, down 49% from the previous season due to the drought. With corn it forecasts 32 million metric tons, down 37% versus the previous season.

Tags: corn, export, soybean, Argentina