Argentina’s Soy Exports Surge to Highest Volume Since 2020

In May 2024, Argentina’s soy exports soared to over 5.1 million tons, marking the highest volume since 2020 and a 60% rise from the previous year.

This increase happened even though international prices were changing a lot and Argentina faced economic challenges at home.

The main buyers of Argentina’s soybean meal were Turkey and Southeast Asia. India received most of the soybean oil, and China took a large share of the soybeans.

In terms of money, the sector that includes soy and corn made $2.612 billion in May.

This was 37% more than in April 2024 but 37% less than in May 2023. Last year, prices were higher because of a good exchange rate and a bad drought.

The recent drop shows that global prices are down and the harvest was late because of the weather.

The Rosario Board of Trade BCR thinks that if things keep going as they are, exports could hit 4.6 million tons by the end of June.

Argentina’s Soy Exports Surge to Highest Volume Since 2020

This would be much more than the average for the last ten years. They remain hopeful even though selling soybeans is not making as much money because of bad exchange rates.

Overall, while Argentina saw a big jump in the amount of soy it sent out in May 2024, the money it made was not all good because of tough global prices and problems at home.

Soy exports are very important for Argentina’s economy and for meeting the needs of the world.