Due to drought, soybean imports were record in 2018: 6.63 million tonnes

Due to the drought in the 2017/2018 cycle, which resulted in the loss of 19 million tonnes of the soybean crop (from 54.1 million tonnes in the 2016/2017 cycle to 35.1 million tonnes), the Last year Argentina recorded a record import of 6.63 million tons of cereals. Local mills bought more soybeans abroad to prepare for lower production.

This is reflected in a report prepared by Zeni, which points out that this figure also means that imports tripled compared to 2017. Meanwhile, with this level of purchases, Argentina was the third largest importer in the world. world behind China and the Union. European

According to the report, established with official data, Paraguay, like other years, has supplied most of the soybeans purchased by Argentina. However, in 2018, the United States also stood out as a supplier after 20 years.

"The supplier par excellence was Paraguay, which, after a favorable agronomic campaign, expanded its exportable balance and was mainly transported to the Argentine territory, but its participation was reduced to 62% of total purchases ( 4.13 million tonnes), when usually comfortably exceeded 90% of the total, "said Zeni.

The work highlights the entry of the United States. as novelty on the market. This has occurred, on the one hand, with the reduction of more than 35% of the soybean crop due to drought and, on the other hand, among the price reductions practiced by North American soybeans for the commercial war of this region. country with China, which imposed a 25% tariff on US oilseeds.

"In addition to the scarcity of domestic production, the outcome of the trade war between China and the United States was crucial.This last point favored the entry of beans of North American origin which have had to resort to new markets in the absence of Chinese importers, "he explained to
THE NATION Eugenio Irazuegui, badyst at Zeni.

"During the past year, some of the shipments usually destined for the Asian giant began to be directed to the European Union, but these amounts have not been cleared and the surplus The result was a change in relative prices – the Gulf of Mexico was traded with significant discounts to South American values ​​(for soybeans) Price incentives were essential for local mills , who chose to produce (goods) from the United States rather than increase their unused production capacity, "he added.

Strictly speaking, according to the report, in 2018, imports of soybeans from the United States amounted to 1.78 million tonnes.

"The United States accounted for 27% of annual imports," the report says. 81% of North American soybean revenues were concentrated in the fourth quarter of 2018.

In contrast, Brazil is Argentina's third largest soybean supplier with nearly 620,000 tonnes. It should be remembered that Brazil was the country that benefited the most from the American-American trade war. and China. Brazil has exported about 83.85 million tonnes to various destinations, mainly in China, according to Zeni. Meanwhile, 100,663 tons arrived in Argentina from Uruguay.

The report also badyzed monthly imports of soybeans, focusing on months of rising merchandise revenue.

"The most important volumes were recorded in November and March, with 964,608 tons and 943,212 tons, respectively". The difference between the two months lies in the origin of the goods, while in the last month of the year, the entry came from the United States. (70%) in March, imports were explained by Paraguay (94%), "he said.

For Irazuegui, with 6.63 million tonnes, Argentina was the world's third largest importer of soybeans. The first China stood at 88.05 million tonnes and the second largest in the European Union with 15.20 million tonnes.