Argentina is expected to export 55 lakh tonnes of soybean oil in 2024-25

13-Jun-2024 10:36 AM

Buenos Aires. Due to the production of soybean in the Latin American country- Argentina increasing almost twofold to above 500 lakh tonnes in the 2023-24 season,

there will be an increase in the production and exportable surplus stock of soybean oil in the current marketing season of 2024-25, which will help it in increasing its shipment.

It is noteworthy that Argentina is the largest exporter of soybean oil and soymeal in the world, while it is third after Brazil and America in the production and export of soybean. The highest import of soybean oil in India is from Argentina.

According to the latest monthly report of the US Department of Agriculture (USDA), during the current marketing season of 2024-25,

the production of soybean oil in Argentina will increase to 79 lakh tonnes, while its total availability is likely to reach 81.80 lakh tonnes with a previous outstanding stock of 2.80 lakh tonnes. It is known that soybean is imported from abroad in Argentina but soy oil is not imported.

According to the report of USDA, during the current marketing season of 2024-25, domestic consumption of soybean oil in Argentina can increase to 23.60 lakh tonnes. Similarly, the export of soybean oil from Argentina is also expected to jump to 55 lakh tonnes.

In this way, a total of 78.60 lakh tonnes of soybean oil will be consumed including domestic use and export and at the end of the marketing season, there will be an outstanding surplus stock of 3.20 lakh tonnes of soybean oil.

The report of USDA shows that in the marketing season of 2023-24, the total availability of soybean oil in Argentina was 73.30 lakh tonnes,

which included outstanding stock of 3.20 lakh tonnes and production of 70.10 lakh tonnes. Out of this, 22.50 lakh tonnes were used domestically and 48 lakh tonnes were exported and 2.80 lakh tonnes of stock remained.