BUENOS AIRES, ARGENTINA — Argentina’s soybean production in the 2021-22 marketing year will be boosted by an increased planting area, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).
Argentina’s soybean planted area is expected to rise slightly in the 2021-22 marketing year to 17.6 million hectares, pushing production to 51.5 million tonnes of soybeans. The USDA expects strong prices across most commodities will lead to stiff competition for acreage as it is common in the core growing regions for the farming land to be rented.
The country’s soybean crush in the 2021-22 marketing year is estimated to be 42 million tonnes as the global economy rebounds from COVID-19 and demand picks up for more soy products. The USDA projects meal production up to 31.7 million tonnes and oil at 8.4 million tonnes in the 2021-22 marketing year.
As Chinese swine herds recover from African swine fever and global demand for soybeans rebound, Argentina is expected to export 6.5 million tonnes of whole soybeans in the 2021-22 marketing year while whole soybean imports are anticipated to fall 11% to 45 million tonnes. The USDA estimates soymeal exports to total 28 million tonnes and soy oil exports to remain flat at 6.3 million tonnes, based on increased domestic industrial consumption for biodiesel production absorbs the increased volume from higher crush.