Argentina’s Q1 soybean complex exports set value record: BCR

Argentina’s exports in the soybean complex amounted to $5.02 billion in the first quarter of 2021, more than double the $2.5 billion recorded in the same quarter in 2020 and marking the highest value for a quarterly export slate in the country’s history, according to a report by the Rosario Grain Exchange (BCR).

BCR noted that the value of exports of soymeal and pellets also practically doubled compared to the same period last year, while the value of soyoil exports increased by 134% year-on-year.

“In addition to the boost in international prices, a considerable portion of the exports are expected to be shipped in December 2020 but were rescheduled for January and February 2021,” BCR said, with industrial action key in delaying activity.

BCR also said that exports of products of the soybean complex totaled 9.06 million mt in the first quarter of the year, up 34% compared with the 6.74 million mt in Q1 2020.

In the corn segment, the grain exchange said that the overall corn complex generated exports worth $1.18 billion in Q1 2021, down slightly from $1.21 billion a year ago, despite corn hitting multi-year highs.

However, BCR noted that this figure - in terms of value - represents the second highest figure in history, only surpassed by the Q1 2020 figure.

Exports from the corn complex reached 5.73 million mt, slightly down compared to the 6.4 million mt exported on average in the same period over the last three years.

The value of wheat exports also fell hard, down 28% year-on-yeara amid a fall in production.

“The decrease is mainly explained by the fall in the quantities exported by Argentina: while in 2020 the wheat complex exported more than 7.3 million mt, this year shipments totaled approximately 4.7 million mt in the first quarter, showing a year-on-year decline of 36%,” BCR said.