MercoPress. South Atlantic News Agency

Argentine booming soybean industry breaks new records

Argentine soy bean mills processed 2.68 million tons of soybeans in November, up 28.9% from the same month a year earlier, reported the Agriculture Secretariat this week in Buenos Aires.

Argentina which has become the world's top exporter of soy-oil and soy-meal produced 506,691 tons of soy-oil and 2.09 million tons of soy-meal pellets in November, the Ministry said in its monthly soy processing report. Soy crushing has grown strongly since Argentina's currency was sharply devalued in 2002, tripling export values measured in Argentine pesos and stimulating investment. As well as being the top soy-oil and meal exporter, Argentina is the third-biggest exporter of unprocessed soybeans. Soy output has roughly doubled in the last decade and a record harvest is widely expected this year. The government has yet to forecast 2006/07 soy production, but the US Department of Agriculture predicts a harvest of 42.5 million tons, up from 2005-06's 40.5 million tons. The booming soy bean harvesting is expected to keep expanding in Argentina at the cost of livestock grazing land and analysts forecast that the country's soybean crop will exceed 50 million tons within five years.