Argentina’s grain export revenue up 21% in September

Argentina’s grain exporters brought in a total $2.48 billion in September, a 21% increase compared to the previous year, the CIARA-CEC chamber of oilseed producers and grains exporters said on Tuesday.

CIARA-CEC said revenues from the sector’s companies rose 1.2% compared to August. In the January-September period there was an 11% increase, the chamber added.

Argentina is one of the world’s largest suppliers of processed soy oil and meal, the No. 3 for corn, and a major producer of wheat.

The chamber said that foreign currency income in the month was the result of the new foreign-exchange regime for exports in place since December 2023, when libertarian President Javier Milei took office pledging to improve the outlook for farmers.

The group also mentioned favorable terms of trade, global grain prices and the impact of the weather on the pace of the corn and soybean harvests.

CIARA-CEC noted that despite higher revenues, grain exports and the soy oil industry continue with high levels of idle capacity, suffering from “permanent negative margins”.
Source: Reuters (Reporting by Walter Bianchi in Buenos Aires. Writing by Gabriel Araujo)