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Reuters reported on September 26, 2025, that about 40 Argentine soybean cargoes were registered for export in November and December, with most destined for China, according to two traders. The registrations totaled 2.66 million metric tons. This is a historical account of planned exports during a temporary Argentine export-tax suspension—not a report of cargoes confirmed shipped or a current 2026 sourcing update.
What China booked—and what the figures show
The two traders cited by Reuters said most of the roughly 40 Argentine soybean cargoes registered for November and December 2025 were headed to China. The reported volume for those months was 2.66 million metric tons. Reuters attributed that volume to two Asian traders; the report did not give the precise portion bound for China.
The November–December registrations represented more than half of the 5.1 million metric tons registered across all months during the temporary tax-free period. Reuters attributed the 5.1-million-ton figure to Argentine officials. These figures describe registrations, not verified completed shipments.
Why the registrations came during a brief tax break
Argentina temporarily suspended export taxes to encourage agricultural exports and bring foreign currency into the country, Reuters reported. The measure ended after a sales cap was reached. The report did not identify a primary government notice or legal instrument, so it does not establish further legal details.
The timing put the Argentine registrations alongside the U.S. autumn soybean marketing season. Reuters said USDA data showed China had bought no U.S. soybean cargoes from the autumn harvest as of September 11, 2025. The report described September through January as a critical U.S. marketing window. Both points are snapshots from 2025, not evidence of current purchasing patterns.
Did Argentina’s bookings replace U.S. sales?
An unnamed oilseed trader at an international firm among the buyers told Reuters: “If you look at purchases for November and December, China has further reduced its need for U.S. soybeans by booking Argentinian cargoes.” That is the trader’s interpretation of the bookings. Reuters did not quantify any U.S. sales displaced by the Argentine registrations, so the report does not establish a measured causal effect.
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How to read the report’s evidence
- Cargo count and destination: About 40 registrations and the claim that most were China-bound came from two traders cited by Reuters.
- Registered volume: The 2.66 million metric tons for November and December was attributed to two Asian traders; the 5.1 million tons across all months was attributed to Argentine officials.
- U.S. buying comparison: The no-purchase snapshot as of September 11, 2025, was USDA data cited by Reuters.
- Shipment follow-through: The report establishes registrations, not that every cargo ultimately sailed or arrived.
An ADM Investor Services digest dated September 26, 2025, repeated Reuters’ account; it is a secondary reproduction, not independent confirmation of the private cargo bookings. Reuters’ report is available at Reuters, and the digest at ADM Investor Services.
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