MercoPress. South Atlantic News Agency

Record soybeans output reported in Paraguay

Paraguay was to export some 7.8 million tons, mostly to Argentina, but also to Brazil and Russia

The Paraguayan Chamber of Grain and Oilseed Producers and Exporters (Capeco) announced Monday that the South American country produced nearly 11 million tons of soybeans during the 2023-24 season, which generated revenues of around US$ 4 billion up to last month, a significant progress from the previous US$ 3.5 billion.

According to the guild, an area of 3.65 million hectares was planted, based on an average productivity of 3,000 kilograms per hectare.

“Despite adverse weather and market conditions in 2024, Paraguay achieved a high soybean production and maintained a solid foreign trade of the oilseed and its derivatives,” said Capeco's president, José Berea, during a press conference.

Capeco Foreign Trade Advisor Sonia Tomassone also explained that Paraguay was to export some 7.8 million tons. The main destinations continue to be Argentina (83%), Brazil (10%), and Russia. Tomassone also pointed out that Paraguay remained the fourth-largest exporter and the sixth-largest oilseed producer worldwide.

In addition, Capeco's Executive Director Hugo Pastore highlighted the dredging of 13 critical points and recalled that the Paraná River had acceptable navigation conditions but not so the Paraguay River.

Regarding the Free Trade Agreement (FTA) between the European Union and the Southern Common Market (Mercosur), Capeco adopted a prudent attitude regarding its final wording, which still needs parliamentarian ratification from both blocs. Pastore also highlighted the Paraguayan Foreign Ministry's “optimal job” in protecting local interests.

In addition, Soybean oil exports have climbed this year with India as the main buyer. October was the record month for exports for the current cycle, the second time in history that something similar has happened.