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Argentina Looking to Harvest More Soybeans This Year
USAgNet - 06/18/2019

The soybean harvest in Argentina for the 2018-19 crop year is 98.5% complete, up 2.4 percentage points week on week, according to the Buenos Aires Grain Exchange. The forecast for total production was the second-highest in 19 years at 56 million mt, up 48% year on year due to a better than expected yield of 3.35 mt/hectare.

Higher soybean production in Argentina could lead to increased competition with Brazil, as China looks to South America for soybean purchases amid the ongoing US-China trade dispute.

Argentina was forecast to export 7.75 million mt of soybeans in 2018-19, a 267% increase year on year, according to a recent report by the U.S. Department of Agriculture.

Argentina is the world's third-largest soybean producer and exporter, and the biggest soy meal and soy oil exporter.

Due to improved crush volume, Argentine soy meal exports in 2018-19 were forecast to grow 10% year on year to 31.0 million, and soy oil exports to be up 11% to 5.6 million mt, the USDA said.

Due to the favorable weather conditions since early this year, the harvest level was 2.9 percentage points above last year and 5.2 points ahead of the five-year average, BAGE said.

Last year, Argentina suffered an extended heatwave that hit the moisture and yield forecast for soybeans. Favorable weather conditions since early this year have seen soybean yield and production estimates revised upwards.

The first soybean crop was 98.8% harvested as of Wednesday, while 98% of the second soybean crop was harvested, the report said.

If China's import tariffs continue to hit U.S. soybean sales, limited Brazilian supplies this autumn may encourage more Argentinian beans exports, the USDA said.

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