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.
Brazilian soybeans imports to China during the month of March dropped 24.8%, over the same month last year. The data was released by the Chinese General Customs Administration last Sunday, April 26, and shows soy imports from Brazil reached 2.1 million tons in March, compared to 2.79 million tons in the same period last year.
Argentina is pushing to increase agricultural trade with commodities-hungry China, as farmers on the country’s Pampas grains belt prepare for what is expected to be a bumper soybean harvest over the weeks ahead.
Brazil’s soybean exports are expected to come in 14-18% down on the year in 2019 due to lower production and reduced buying by China, industry reports showed.
Paraguay's business-friendly ruling party lost fewer seats in Sunday's Senate election, than expected, ensuring strict fiscal policies while lessening chances of a tax hike on the key soy sector. Farmers in the world's No. 4 soybean exporter had feared that the new Senate might approves a measure, defeated last year, that would slap a 10% levy on exports.
Argentina has set a maximum rate paid for port docking and undocking services, the government said in its official gazette, a change the Transportation Ministry said would slash docking costs by up to 40%. The move comes as President Mauricio Macri seeks to lower the cost of exporting food from the world’s No. 3 soy and corn exporter and the leading shipper of soybean livestock feed.
Argentina's bread-basket province of Buenos Aires will remain mostly dry over the days ahead, meteorologists said on Tuesday, after reporting scant rains over the weekend in the country's biggest and most productive farm area.