US agri trading giant Bunge may export soyabeans from the USA to Argentina this year if the profit margins justify it, the firm’s top executive has said.

Bunge CEO Soren Schroder, speaking at the BMO Capital Markets Farm to Market Conference in New York on 16 May, said that Bunge was ready to step in if the lower soyabean output in Argentina this season created a demand for foreign beans, wrote World Grain.

“On paper, there will be a flow. There could be periods in the late summer and fall when some flows of beans will find their way to Argentina,” said Schroder.

Some business had already been done, he added, but the volumes in question would likely not be sufficient to change the overall global crush margin structure.

“But, there’ll be some beans that flow in. If margins justify it, we will participate,” Schroder said.

He did not consider any possible Argentina imports to be a large scale dislocation opportunity for the global soya trade, although there was a larger phenomenon of crush capacity moving from Argentina to the rest of the world.

“Essentially, I’m guessing 6.35M-7.26M tonnes of capacity in Argentina that won’t be affected this year because of the crop shortfall.”

The shortfall would have to made up by Brazil, in the USA and in Europe.

“That’s what’s created the spike in crush margins and that is what we have to capitalise on and we will,” he said.