Argentina's registrations of soybean exports showed their first signs of seasonal recovery in the week ending 24 April, pushing above the prior year's value for the week for the first time since September last year.
Soybean export registrations more than doubled from a year earlier to 137,000 metric tonnes (t) during the week, according to data from the Secretariat of Livestock and Fisheries (SAGyP), boosted by expectations that harvest of the oilseed will begin to pick up speed.
The amount was more than the total volume that had been registered for export during the 28 weeks since a September tax holiday last year boosted soybean sales ahead of harvest, reducing the supply of soybeans available for export and for crushing since.
Argentina's soybean harvest began in April, but the flow of soybeans to ports and crushers has been slowed this year by unusually rainy weather. But farmers are expected to take advantage of this week's cool, sunny weather to pick up the pace of harvesting.
Soybean meal and soybean oil export registrations also rose in the week, helped by increased crushing in March that boosted exporters' supplies. Soymeal registrations increased by 31pc to 284,000t and soybean oil registrations climbed by just over 31pc to 76,100t.
Corn registrations drop
A sharp drop in corn registrations in the week outweighed the higher soy volumes, dragging total registrations lower.
Corn registrations plunged more than 93pc from the same week last year to 65,000t, the smallest amount in any week so far this year.
Argentina's exporters had already registered large amounts of the country's expected record corn crop prior to last week, including nearly seven million tons for loading in April and another 3.7mn t for loading in May.
Total export registrations fell by more than 48pc from a year earlier to 770,000t, with wheat registrations down by nearly 41pc to 39,300t and barley registrations practically disappearing at 2,500t during the week, compared with 19,200t last year.
Export registrations for other oilseeds skyrocketed to 32,900t from 1,500t a year earlier, boosted by the record crop of sunflower seeds currently being harvested. Other meals registrations rose by 90pc to 72,900t and other oils registrations fell by 14pc to 62,300t.
May continued to dominate loading, with exporters scheduling by far the most loading for the month for all products except soybeans and sunflower meal. For soybeans, 71,000t are scheduled for May loading, with another 66,000t scheduled for July, while 43,000t of sunflower meal are scheduled for May loading and 30,000t for June.
