ECONOMY · FOREIGN TRADE · AGRIBUSINESS

🌾 Record foreign exchange in Argentina's agricultural exports

The oilseed and cereal complex accumulated more than USD 19,000 million so far in 2026, driven by historic volumes of corn, wheat and sunflower, while the oil industry operates at its fastest pace in several seasons.

Argentina's export agribusiness closed August with a figure that confirms a trend that has been marking the year: foreign exchange income from the oilseed and cereal complex exceeded 19,000 million dollars in the first eight months of 2026, sustained by historic volumes in the export of corn, wheat and sunflower, and by an oil industry that works at a pace not seen in several seasons.

According to the Agroindustrial Monitor prepared by the Chamber of the Oil Industry of the Argentine Republic (Ciara) and the Center of Cereal Exporters (CEC), the settlement of foreign currency in the sector reached 2,751 million dollars in August, 51.3% more than in the same month of 2025 and the third best August in the last 25 years, although 7% below the previous month. With this result, the accumulated January-August reached 19,048 million dollars.

The figure was 12% above the historical average 2008-2025 for that period, although it was 11% below the first eight months of 2025. Even so, the agency rated it as the second best result in the last four years and the fourth highest in the last nineteen seasons, a figure that confirms that, beyond the specific comparison with last year, 2026 is among the strongest years in the last two decades for the entry of agro-industrial dollars.

📊  Year-on-year growth ranking (cumulative 2026)

Comparison of the main year-on-year changes reported by the Ciara-CEC Agroindustrial Monitor.

Corn was, once again, one of the main protagonists. In July, 5,473 thousand tons were exported, the highest amount recorded for that month since official records began. That volume boosted the accumulated for the first seven months of the year to 25,442 thousand tons, 14.9% above the same period in 2025 and the highest historical record for a January-July. The momentum did not stop there: in August, producers sold 7,654 thousand tons of corn, 47% more than in July and more than double the monthly average of the last twelve months, calculated at 3,706 thousand tons.

Wheat also left a prominent mark, in a contrast that is worth noting: just a few months ago, Argentina had had to buy wheat from Paraguay for the first time in its history to supply the domestic market, an episode that had set off alarms about the available supply. However, July closed with 600 thousand tons exported, the fourth highest volume for that month since 2021, and the accumulated January-July climbed to 11,580 thousand tons, 52.5% more than in the same stretch of 2025, evidence that the recomposition of the crop was, in the end, much faster than expected.

The sunflower complex completed the record chart. Grain exports reached 62 thousand tons in July and sunflower meal exports reached 222 thousand tons, both historical highs for that month. Crushing accompanied this momentum: the industry processed 547 thousand tons in July, the highest volume for that month since 2021, with a cumulative January-July of 3,422 thousand tons, 25.4% more than in 2025. By-products also showed strong dynamism: sunflower pellets accumulated 1,265 thousand tons in the year, 54.1% more than in 2025, and oil totaled 1,110 thousand tons, with a year-on-year increase of 42.4%.

Soybeans, the historically most important complex for Argentine currencies, had a more moderate but equally robust performance. Crushing reached 4,146 thousand tons in July, the second highest volume for that month since 2021, with a cumulative 23,964 thousand tons in the first seven months, just 0.2% above the same period in 2025. A striking fact: imported soybeans accounted for 23% of the total crushing in July, which confirms that a large part of the Argentine oil industry is increasingly functioning as a regional processing platform and not only as a processor of the local harvest.

This processing rate led to the installed capacity of oil plants standing at 84% during July, six percentage points above the same month in 2025 and the third consecutive month above that level. In soybean by-products, flour exported 2,430 thousand tons in July, the fourth highest volume since 2021, although the accumulated 15,066 thousand tons was 1.9% below 2025; crude oil shipped 574 thousand tons, with a cumulative 3,414 thousand tons, 6.1% less than last year.

Behind these numbers there is an explicit economic policy decision. In December 2025, the Minister of Economy, Luis Caputo, announced a permanent reduction in export duties (withholdings) for soybeans, wheat, corn, sunflower and other grains, in continuity with the rate reduction scheme that had already been in force since the beginning of that year and which required agro-exporters to anticipate the settlement of foreign currency within fifteen days of declaring a shipment. The government's stated objective was to stimulate the early settlement of the harvest to strengthen the Central Bank's reserves, which by mid-2026 still exhibited a negative net level of close to 5,500 million dollars.

The Rosario Stock Exchange estimates that the collection of export duties from the six main agricultural chains (soybeans, corn, wheat, sunflower, barley and sorghum) will be around 4,613 million dollars in 2026, an amount practically equal to that of 2025 despite the lower rates, thanks to the higher volume exported. The figure remains well below the highs of 2021 and 2022, when the war between Russia and Ukraine triggered international commodity prices and the collection reached 8,373 and 9,101 million dollars respectively, although it is 50% above the minimum of 2023, a year marked by the historic drought that hit the Argentine countryside.

The agro-export drive does not occur in a vacuum: it is part of a broader leap in Argentine foreign trade. Between January and July 2026, the country's total exports exceeded 58,000 million dollars, 23% more than in the same period of 2025 and the highest record for those seven months. The Chamber of Exporters projects that the year could close with about 103,200 million dollars in foreign sales, an all-time high supported by what is already described as a new export trident made up of energy, mining and agriculture, with a trade surplus that could approach 20,000 million dollars.

Not everything is an upward curve without nuances. Different leaders in the agro-industrial chain have been warning, in parallel to the volume records, about the financial fragility of some links in the business: the defaults of companies such as Los Grobo, Surcos and SanCor during 2026 set off specific alerts about the sector's funding, even in a context of historic harvest and exports. At the same time, by the end of August, 51% of soybean production in the 2025/26 campaign still had no price set, which implies that a large part of the foreign exchange income in the coming months still depends on marketing decisions that the producers themselves have pending.

Looking ahead to the rest of the year, the Rosario Stock Exchange projects that the exported volume of grains and derivatives could reach 113 million tons in 2026, almost 10 million tons more than the previous record of the 2018/19 campaign. Different private consultants estimate that the total contribution of foreign currency from agriculture could be between 34,500 and 36,000 million dollars by the end of the year, which would consolidate the sector, once again, as the main generator of genuine dollars in the Argentine economy.

🧾  Summary of key indicators (2026)

🔹  How much did Argentine agriculture liquidate in dollars in 2026?

The agro-export complex accumulated USD 19,048 million between January and August 2026, according to the Ciara-CEC Agroindustrial Monitor, 12% above the historical average 2008-2025 for that period.

🔹  Which products set records in 2026?

Corn reached the highest volume exported in July and in the accumulated January-July of the entire historical series. Wheat and sunflower (grain, flour and milling) also registered highs for July.

🔹  Why did the government lower agricultural withholdings?

To encourage the early settlement of foreign currency and strengthen the Central Bank's reserves, which by mid-2026 remained in negative territory in net terms.

🔹  Is agriculture still the main generator of dollars in Argentina?

Yes, although it now shares prominence with energy and mining in what is described as a new export trident, in a year in which the country's total exports could exceed USD 100,000 million for the first time.

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Infobae — The countryside accelerates: export records, more milling and USD 19,000 million in liquidation

iProfesional — The export agribusiness already accumulates US$19,048 million in 2026

Infobae — Record harvest, but fewer dollars: agriculture would contribute USD 34,500 million in 2026

NewsNQN — Argentina is on track for an all-time record of exports in 2026

Profile — Despite the reduction in withholdings, agriculture would contribute more than US$ 4,600 million in 2026

Ruralnet — Agriculture would contribute more than US$ 36,000 million in 2026

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