Argentina Makes Largest U.S. Soybean Purchase in 20 Years
Argentina, the third largest soy-producing country in the world, has made its largest U.S. soy purchase in two decades, as drought forces the hand of the country’s processors to turn to imports to meet demand.
Since the 2018/2019 marketing season beginning September 1, Argentina has bought 120,000 tons of U.S. soybeans, according to the U.S. Department of Agriculture (USDA) - the largest purchase on the books since 1997. And analyst John Baize, president of John C. Baize and Associates, said that the country’s U.S. soybean orders could reach between 500,000 and 1 million tons this year.
U.S. Soy.org also reports that European purchases of U.S. soybeans have been recently elevated due to advantageous pricing on the global market due to rising prices in Brazil, as China turns to Brazil in light of tariffs on U.S. soybeans. The organization also cites the dependability of U.S. infrastructure, shorter delivery times, and the consistent quality of U.S. soybeans as being attractive to global buyers.