Argentina’s grain exporters generated $2.616 billion in revenue in July 2024, marking a 35.8% increase compared to the same month last year, according to the CIARA-CEC chamber of oilseed producers and grains exporters. This revenue also represents a 32.3% rise from June.
In the January-July period, the sector saw a 5.2% increase in revenues. CIARA-CEC highlighted that July was the best month of the year for agro-export revenues, attributing the growth to rising international grain prices and favorable terms of trade for farmers.
The chamber noted the impact of a new foreign-exchange regime for exports initiated in December 2023 under President Javier Milei, aimed at improving conditions for farmers. Additionally, favorable weather contributed to the pace of corn and soybean harvests.
Argentina remains a leading exporter of processed soy oil and meal, ranking as the third-largest exporter of corn and a significant wheat producer. Soybean meal is the country’s top export, accounting for 12% of total exports.
Despite the revenue increase, CIARA-CEC pointed out that grain exports and the soy oil industry continue to face high levels of idle capacity and “permanent negative margins.”