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.
In Uruguay, non-genetically modified soy (GMO) soy is being developed in order to compete in a market saturated by the volume of crops in the region. Nevertheless, the country’s government hopes Uruguayan soy will stand out for its quality rather than for the volume of harvests motivating soy producers to use “biological controls” to combat pests.
Argentina's soy production will likely reach 56 million tons for the 2018/2019 season, two million tons more than previously estimated, the Rosario grains exchange said on Wednesday, a fillip for the sector that was battered by drought last year.
Brazil, the world's No 1 soy exporter, is expected to import around one million tons of the oilseed in coming months from its largest global competitor, the United States, as local supplies dwindle, according to Sao Paulo-based grain trader Agribrasil.
China can increase soybean imports from other countries to reduce reliance on buying from the United States, the president of state grains trader COFCO said in an interview with the Communist Party’s official People’s Daily paper on Wednesday.