Soybeans market in Argentina

Earlier Report Observations

From 2018 to 2023, the soybean market volume in Argentina showed significant volatility. After rising to 49.8 million tons in 2019, the market began a consecutive decline, reaching 33.6 million tons in 2023. This drop was primarily driven by a severe drought in 2022, which reduced soybean production to its lowest levels in decades, sharply contracting the available supply.

Earlier, wage agreements in the oilseed processing complex during 2018-2019 increased production costs. Growing competition from Brazil and the United States in the global soybean market also pressured Argentina's export position. A reported decline in the adoption of high technology in soybean cultivation may have affected the sector's long-term productivity.

In 2024, following the drought, factors pointed to yield recovery and expanded planted area, although local soybean prices fell to their lowest nominal level since 2017, impacting producer margins.

Production soybeans in Argentina

In kind, 2017-2020, K t

From 2017 to 2020, Argentina ranked as the world's third-largest producer of soybeans.

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

In 2020, Argentina produced 48,780 thousand tonnes of soybeans, representing an 11.7% decline compared to 2019. Over the 2017-2020 period, production decreased by 11.3%, with a compound annual growth rate of 3.9%. The lowest production level was recorded in 2018 at 37,788 thousand tonnes, while the peak occurred in 2019 with 55,264 thousand tonnes. The most significant drop was observed in 2018 at 31.3%, whereas the largest increase took place in 2019, reaching 46.2%.

Annual dynamics of production in Argentina in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of soybean production in Argentina amounted to 16,769 million US dollars, marking a 10.4% decrease year-over-year. Throughout the 2017-2020 period, production value fell by 17.4%, with a compound annual growth rate of 6.2%. The lowest value was recorded in 2018 at 14,802 million US dollars. The most substantial decline occurred in 2018 at 27.1%, while the largest increase was seen in 2019, rising by 26.4%.

Annual dynamics of production in Argentina in value, 2017-2020, M $ US

Exports soybeans from Argentina

Exports in kind, K t

The market exhibited considerable volatility during these years. Export volumes reached their lowest point in 2018 at 3,540 thousand tonnes and peaked in 2019 at 10,054 thousand tonnes, representing a 2.8-fold difference between these extremes. In 2020, Argentina's soybean exports stood at 6,360 thousand tonnes, reflecting a sharp decline of 36.7% compared to the previous year. The most significant drop occurred in 2018 at 52.2%, while the largest increase was recorded in 2019, surging by 184.0%.

Annual dynamics of product's exports from Argentina in kind, 2017-2020, K t

From 2017 to 2020, China remained the primary destination for Argentina's soybean exports, accounting for 89.3% of total export volumes, with the remainder distributed among numerous other countries.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Argentina in kind, 2017-2020

Exports in value, M $ US

Market behavior was marked by volatility throughout this period. Export values hit their lowest point in 2018 at 1,387 million US dollars and reached their maximum in 2019 at 3,405 million US dollars, showing a 2.5-fold variation. In 2020, Argentina exported soybeans worth 2,186 million US dollars, representing a 35.8% decrease compared to the previous year. The most substantial decline was recorded in 2018 at 49.3%, while the largest increase occurred in 2019, rising by 145.5%.

Annual dynamics of product's exports from Argentina in value, 2017-2020, M $ US

During the 2017-2020 period, Argentina's soybean exports in value terms were heavily concentrated on China, which accounted for 88.6% of total flows, with other countries collectively making up the remaining share.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Argentina in value, 2017-2020

Imports soybeans to Argentina

Imports in kind, K t

The market demonstrated significant volatility over these years. Import volumes dropped to their minimum in 2017 and climbed to their maximum in 2018, showing a 3.4-fold shift. In 2020, Argentina imported soybeans totaling the value of the previous year in thousand tonnes, corresponding to a 16.9% increase compared to 2019. The peak was recorded in 2018 at 6,443 thousand tonnes. The most significant decline occurred in 2019 at 29.4%, while the largest increase was seen in 2018, surging by 239.5%.

Annual dynamics of product's imports to Argentina in kind, 2017-2020, K t

Throughout 2017-2020, Paraguay was the main supplier of soybeans to Argentina, accounting for 78.0% of total import volumes, while other partners held relatively modest shares.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Argentina in kind, 2017-2020

Imports in value, M $ US

The market showed signs of volatility during the observed period. Import values fell to their lowest point in 2017 and registered their peak in 2018, representing a swing of 3.6 times. In 2020, Argentina's soybean import volume reached 1,982 million US dollars, amounting to a strong rise of 23.4% relative to the prior year. The maximum value was recorded in 2018 at 2,506 million US dollars. The most substantial decline occurred in 2019 at 35.9%, while the largest increase was recorded in 2018, jumping by 257.3%.

Annual dynamics of product's imports to Argentina in value, 2017-2020, M $ US

From 2017 to 2020, Paraguay accounted for 77.9% of total soybean imports to Argentina in value terms, with the balance spread across a wide range of smaller destinations.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Argentina in value, 2017-2020