MercoPress. South Atlantic News Agency

Argentina’s soy bean crop will represent 8bn USD in levies for the Treasury

The global crop is estimated in over 100 million tons, mainly soy and corn

Soy export taxes for the 2010/2011 crop will represent 8 billion US dollars for the Argentine Treasury compared to 6.3bn in the previous season, according to estimates from the country’s Ministry of Agriculture and Livestock.

“Revenue from export duties for the 2010/2011 harvest will be in the range of 8.041 billion USD”, said the ministry in its portal.

This year’s soy crop is estimated to be between 49.6 and 50.4 million tons, which is significantly less that the record 55 million tons of the 2009/2010 season.

Based on international prices the ministry estimated the value of the crop to be in the range of 25 billion US dollars.

In 2010, soy revenue totalled 6.3 billion US dollars, a main source of resources for the Treasury.

“The difference is based on the fact that the oilseed price in Chicago, which acts as a world reference for global trading soared 60% compared to a year ago”, added the official portal.

The harvest is estimated to have covered 95% of the area planted, 18.7 million hectares. The provinces of Buenos Aires and Cordoba are the main soy areas of Argentina.

The Ministry of Agriculture estimates Argentina will export this year 5.587 billion US dollars of soy beans, 10.6 billion of soy flour and 8.45bn of soy oil.

The harvesting of soy beans has partially delayed corn collecting but has already reached 80% of the 4.3 million hectares planted.

Argentina is the world’s second exporter of corn and according to official estimates total production should reach 20.9 million tons.

Argentina’s global crop for the 2010/11 agriculture year which includes oilseeds and other grains should total 100.64 million tons. The figure was first released last March.

Argentina is the world’s leading exporter of soy-oil, third of soy beans, second of corn and fourth of wheat.