Argentina soybean processing up 14%

05-02-2007 | |

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

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.

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