Argentina: Oilseeds and Products Update

According to the Argentine government, farmers sold a record volume of soybeans, more than 13.7 million metric tons (MMT) in September, after the government offered a special exchange rate for producers. As a result, exporters booked nearly 4 MMT in export declarations, with China as the principal destination. Post raises projected MY 2021/22 soybean exports to 5.5 MMT and reduces projected crush to 37.5 MMT. Soybean ending stocks are lowered to 5.7 MMT, the lowest level since MY 2012/13. MY 2022/23 production is lowered to 49 MMT, due to lower than anticipated area switching from corn to soybeans. However, farmers may still make changes if dry weather persists. MY 2022/23 sunflower planted area is lowered 100,000 HA to 1.9 million HA due to dry conditions in northern Argentina, lowering total production to 3.8 MMT. This would still be a 13 percent increase of 2021/22.