Brazil has enough potential to supply up to half of the soybeans that Argentina will import to keep its industrial park running in the face of the historic drought that ravaged the 2022/23 crop in the country, which is usually the largest exporter of soy oil and soy meal in the world.
Argentina's new version of the Export Increase Program (PIE) has resulted in US$ 1.824 billion worth of soybeans sold abroad, which nearly meets the government's target, it was reported Friday in Buenos Aires.
Argentine farmers have sold 15.2% of the country’s 44 million-ton 2021/22 soy crop in seven days since the government implemented a more favorable exchange rate for cash crop exports, Rosario grains exchange reported.
Argentina’s corn 2021/22 crop has now been estimated at less than the 48 million tons of just a few weeks ago, according to the Rosario grains exchange, because a severe drought has slashed yields. Likewise with soybeans first estimate of 40,5 million tons.
Argentine farmers are expected to sow more corn than ever this season, while soybeans will fall to an all time 15-year minimum because of the export policy of the current administration and the lack of the regulatory framework for genetically modified, GM, seeds.
Late Monday the Vicentin soy crushing giant group, which Argentine president Alberto Fernandez had previously announced it would take over to ensure jobs and food sovereignty, made public a release denying any job losses and revealing it was in talks with interested parties to overcome the current under administration situation.
Argentine President Alberto Fernandez announced Monday evening a plan to seize crop trader Vicentin SAIC in a move that is anticipated will ring alarm bells in soy markets, among investors in the country and even the current foreign debt negotiations.
Soybean output for Argentina -- the world's third-largest soy producer and exporter -- is forecast to be at 52 million tons, down 4.6% on February estimates and 6% year on year, in 2019-20 crop year (November-October), on dry conditions in Córdoba and Santa Fe, a Buenos Aires Grains Exchange report said on Thursday.
Argentine farmers are disappointed with the new taxes on farm produce exports decreed by government, and particularly with president Alberto Fernandez who had promised during the campaign to work with them in developing policies.
Argentine President Alberto Fernández signed a decree whereby export taxes on soy, wheat, corn and beef go up. The decree became available Saturday as it appeared in the Official Gazette and is effective immediately.