LatinNews Daily - 23 January 2025

*Paraguay’s chamber of cereals and oilseeds exporters (Capeco) has announced that soybean production reached a record 11.07m tonnes (t) during the 2023-2024 harvest season. Soybean exports also reached a record high of 7.99m t in 2024, up from 6.49m t in 2023. However, Capeco anticipates a lower yield in 2025 due to potential drought impacts on crops. Furthermore, Sonia Tomassone, a foreign trade adviser at Capeco, noted that while export volumes reached record levels last year, a decline in international prices has negatively affected revenue from soybeans and their industrial by-products. Revenue from soybean exports totalled US$3.17bn in 2024, down from US$3.42bn in 2023, while revenue from soybean oil was down by US$107.22m at US$409.33m, and revenue from soybean pellets was down by US$290.17m at US$594.94m. Argentina was the largest importer of Paraguayan soybeans in 2024, accounting for 84% of exports, followed by Brazil (10%) and Russia (3%).