Argentine soyabean exports in 2025/26 are forecast at 8.3M tonnes – the highest level in six years – while products are expected to decline, according to a US Department of Agriculture (USDA) report.
The increase in exports had been driven in part by several adjustments to export taxes during the past year, the December “Oilseeds: World Markets and Trade” report said.
“The most impactful was September’s temporary elimination of export taxes on several agricultural products, removing the 26% soyabean and 24.5% soyabean meal and soyabean oil taxes until the end of October, or until export sales declarations for all affected products reached a US$7bn cap,” the USDA said.
“This cap was reached in only three days and resulted in over 3M additional tonnes of soyabean export sales registered for Argentina’s 2024/25 local year (April 2025-March 2026). Most of these sales were registered for delivery between October and December 2025.”
Meanwhile, a decline in Argentine soyabean meal and oil exports in 2025/26 was forecast compared to the previous year, dropping to 29M tonnes and 6.2M tonnes respectively.
However, the volumes for both products were expected to be higher than most years on record.
The drop in soyabean products was due to lower soyabean production expectations, down 2.6M tonnes year-on-year to 48.5M tonnes, and reduced soyabean availability for domestic crushing from October-March before supplies were replenished by the 2025/26 harvest, the report said.
As of 1 October, soyabean stocks were estimated at 23.1M tonnes, the second lowest at that point in the marketing year in over 10 years and behind the drought-impacted 2023 season.
Domestic soyabean availability through to March 2026 had been further limited by expectations of unseasonably strong soyabean exports due to the export tax elimination, the USDA said.
“October exports were a robust 1.7M tonnes, and an additional 2.8M tonnes were expected through March. Imports will provide an important supply boost, with 3.5M tonnes expected from October to March and 7.7M tonnes total in 2025/26,” the USDA said.
“Argentina generally imports its largest volumes from Paraguay and Brazil after their harvests, starting in February. Given this, crush is expected to slow in the coming months.”
Argentina’s marketing year runs from October to September.
