Argentine soy farmers and crushers expect a boost in demand next year after the ...
BUENOS AIRES/CHICAGO - Argentine soy farmers and crushers expect a boost in demand next year after the South American grains giant won long-sought approval from China to export soymeal to the world’s biggest consumer of the livestock feed.
The deal, formalized in Buenos Aires on Wednesday, paves the way for Argentine farmers and soy processors to send shipments to China from early 2020 once required plant approvals and registrations have been made, a fillip for the world’s dominant soymeal producer. Gustavo Idigoras, president of Argentina’s CIARA-CEC chamber of grains exporting companies, said he did not expect Argentina to “export an important volume to China in the first year.”
“Of course we’re sorry to see it,” said Ron Heck, a corn and soy farmer in Perry, Iowa, adding he expects that China may pay more than world market prices for Argentine soymeal to avoid buying crops from the United States.Max Fisher, director of economics and government relations for the U.S. National Grain and Feed Association, said the deal showed China was looking to avoid U.S. soybeans.
“We know that last year the possibility of selling soymeal to China was zero. Now we’ve opened the market, which is good for the whole value chain,” he told Reuters. “By the time of our next soy harvest in March, April and May we hope we will have the paperwork done and have the first shipments.”
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