Argus Murmurings: Argentina FX change will support exports to US

Organic soybean imports in March 2025 were estimated at 19,600 MT, down 31pc from the same month in the prior year. Ukraine supplied 16,000 MT and Canada supplied the remaining 3,600t. 

The Argus AgriMarkets Organic and non-GMO service weekly delivered spot price for feed-grade organic soybeans delivered to the U.S. Corn Belt for the week ended April 17, 2025, was $20.29/bushel, which is up $0.15 from a month prior and $0.81 from a year prior.  

The devaluation of the Argentinean peso will make Argentinean organic soybeans more price-competitive in the U.S., market contacts said. The devaluation of the peso will make Argentinean imports cheaper for U.S. buyers and Argentinian farmers will receive more pesos per dollar. 

There are little-to-no-remaining stocks of old crop organic soybeans remaining in Argentina, but the devaluation will affect new crop sales, market contacts said. New crop sales so far were below historical levels because of buyers hesitating to lock in volume before there was more certainty on tariffs. Lower buying activity from typical U.S. importers could leave more organic soybeans to be purchased by other importers. 

Shipments of new crop organic soybeans will begin in June, market contacts said. Argentinean farmers increased their organic soybean acreage because of the low profitability of organic corn. A drought earlier in the season did damage the crop, but yields are expected to be close to historical levels.