President Cristina Kirchner received China's visiting Agriculture Minister Han Changfu on Monday at Government House in Buenos Aires, formally ending a six month trade war that threatened Argentina's standing as the world's leading soybean oil exporter.
Sales of farm machinery in Argentina soared 73% totalling 7.074 units, in the third quarter compared to the same period a year ago and 33.6% over the previous quarter according to the latest release from the Statistics and Census Office, Indec.
Soybeans futures settled at their highest in more than two years on Tuesday after the Agriculture Department, USDA, slashed its forecast for the United States soybean production to 3.375 billion bushels from 3.408 billion bushels the previous month.
Argentina’s Agriculture and Livestock minister Julian Domínguez and representatives from the cereals and oilseed markets coincided that Argentina will have a record crop this 2010/11 season and considerable export surplus of wheat and corn: 5.5 million and 18.5 million tons respectively.
The area sown with sunflower in Argentina is forecasted to increase 24% this coming 2010/11 season reaching 1.62 million hectares according to Argentina’s Sunflower Association (Asagir) and based on data from the Buenos Aires Cereals market.
Interest in fixed assets, strong commodities’ prices and growing prospects that global demand for food producing land will continue have generated a new rush of foreign investors to buy land in Uruguay.
Land purchases by foreign investors in poor countries and the growing use of bio-fuels are boosting pressures on agricultural farmland and helping make 500 million small farmers hungry, a U.N. envoy said this week.
Argentina and Brazil are negotiating an alliance with other South American producers of grains and oilseeds to deal jointly with buyers in Asia and elsewhere, according to Brazilian Agriculture Minister Wagner Rossi.
China has bought at least 70,000 tons of Argentine soybean oil after Beijing decided to unlock the imports ban that had resulted in a mounting-tension conflict. The move came after China agreed to allow all products coming from Argentina to enter its ports and was reported by Oil World magazine.
United States farm exports may surpass a 2008 record of 115.3 billion US dollars on surging corn, soybean and wheat prices, according to Joe Glauber, the US Department of Agriculture’s chief economist.