The shortfall in soybean production in Argentina realized last spring, in addition to the changing dynamics in the world soybean trade in the last half of 2018, have resulted in more U.S. soybeans arriving in Argentina this fall.
The U.S. Department of Agriculture (USDA) estimates that Argentina harvested just 37.8 million metric tons (MMT) in 2017/18 after collecting 55.0 MMT the previous harvest. This was a disastrous crop, losing nearly one-third of the previous year’s production.
According to numbers compiled by the attaché office in Buenos Aires, Argentina has imported more than 3.5 MMT of soybeans through September. This is an increase of 135% from the same period last year.