Argentina’s Soybean Sales Slowest in Over a Decade Amid Currency, Weather Woes

02-May-2025 05:48 PM

Buenos Aires. Argentina, the world’s third-largest producer of soybeans and the top exporter of soybean oil and meal, is witnessing its slowest pace of soybean sales in 11 years, despite preparations for the 2024–25 harvest being in full swing.

According to the Ministry of Agriculture, only 24% of the estimated 49 million tonnes of soybean production has been sold so far this season.

In the week leading up to April 23, just 7.14 lakh tonnes were sold — averaging about 1.02 lakh tonnes per day. At this rate, it would take more than a year to clear the current stock.

The unattractive exchange rate of the Argentine peso against the US dollar remains a major deterrent for farmers, even as the government relaxes currency controls in hopes of boosting sales. Many producers are holding onto their crop, expecting better returns.

Heavy rainfall has also hampered both harvest progress and logistics, delaying crop delivery to market in several key producing regions.

Meanwhile, neighboring Brazil has completed its soybean harvest and is seeing strong export activity, particularly to China, which is increasing imports from Brazil amid U.S. tariffs.

Despite the slow domestic pace, Argentina is expected to boost exports of soybean oil and meal, much of which is shipped to India, its largest buyer.