Argentina: soybean complex exports in May were the highest since 2020

May is the month that seasonally exports the most tonnage of the soybean complex, with more than 5.1 million tons shipped overseas this year, above the ten-year average for the month, the highest volume since 2020 and 60% higher than last year.

Of the total tons shipped in May, just over 3 million tons was soybean meal destined mainly to Turkey and Southeast Asia, while 543,000 tons of soybean oil was exported to India as the preferred destination, and finally, 1.4 million tons of soybeans were shipped and almost exclusively went to China.

The schedule for the second half of June so far indicates that ships should be loaded with 2.8 million tons, which corresponds to the soybean complex. Of that, 700,000 tons is for beans that will go to China, 1.6 million tons for soybean meal and more than 400,000 tons for oil. If completed, June will end with 4.6 million tons shipped, which is in line with the complex, well above the average for the past 10 years.

As for corn, more than 3 million tons were shipped in May, above the monthly average for the past ten years, and cumulative shipments are already ahead of average. Argentine corn is currently the most competitive on the FOB market.

Tags: export, soybean, Argentina