Argentinian soybean processors have had a difficult year as both Argentina and product suppliers' exporting countries see oil harvests shrink due to drought and sales of Soybeans by farmers has fallen sharply. This has caused exports of processed soy products from Argentina to fall significantly this year, according to analysts at Oil World.
In particular, analysts estimate that the volume of shipments of soybean oil from Argentina fell by 28% per year in January-July and that of soybean meal by 9%, while the relatively large drop in oil exports is also due to the fact that the country Use of the product in the manufacture of Biodiesel increased.
So the export of soybean oil from Argentina in the 7 months of this year is 2,8 million Tonnen decreased compared to 3,9 million tons in the same period in 2021, and shipment volume was just 317.000 tons in July - the minimum for this month since 2011.
Soybean meal exports from Argentina fell to 16,5 million tons in January and July, compared to 18,1 million tons last year, with the main decrease in shipments towards Algeria, down 84% per year (up to 58 thousand tons). , South Africa by 66% (103 thousand tons) and Iraq by 35% (299 thousand tons).