Argentina, the world’s third biggest soy producer, booked its largest purchase of U.S. soybeans in 20 years on Tuesday after drought cut its harvest, forcing crushers there to turn to imports according to a blog at USSoy.org.
The U.S. Department of Agriculture (USDA) reported that 120,000 tons of U.S. soybeans were sold to Argentina for delivery during the 2018-19 marketing season that begins September 1. This transaction marks U.S. Soy’s largest sale to Argentina since 1997.
“We’re very rapidly seeing a realignment in soybean trading,” said analyst John Baize, president of John C. Baize and Associates.
Baize said Argentina could import 500,000 to 1 million tons of U.S. soybeans this year.
Read the full blog here.
