News last update:6 Aug 2012

Argentina soybean processing up 14%

Argentina's soybean processors increased output by 14% last year as rising demand for vegetable oil and animal feed boosted prices, the government said.

Argentina, the world's third-largest soybean grower, processed 32.7 million metric tons of the oilseed, up from 28.7 million in 2005, according to the Argentine Agriculture Secretariat. Production of soybean oil, a food ingredient, rose 14% to 6.2 million tons from 5.4 million, the government said. Output of soybean meal, an animal feed, rose 13.2% to 25.5 million tons.

High soybean prices
The price soybeans in Argentina jumped 23% last year on the Rosario Futures Exchange, reaching 634.90 pesos ($204.61) a ton on Dec. 31. On the Chicago Board of Trade, the benchmark for world prices, soybean futures rose 16 percent in 2006 and so far have gained another 3.7% this year.

To subscribe to the free AllAboutFeed newsletter click here.

Editor AllAboutFeed

Or register to be able to comment.