Argentina's soya oil production grew 8.5 percent to 8.01 million tonnes between January and November compared with the same period last year, as a greater volume of soyabeans were processed, Argentina's agricultural ministry said on Thursday. Argentina is the world's leading exporter of soya oil and soyabean meal and the third-largest exporter of raw soyabeans.

In a statement, the agricultural ministry said 41 million tonnes of soyabeans were processed in the first 11 months of the year, up 7.23 percent from the same period the prior year, explaining the increase in soya oil output. Exports of soya oil during the first 10 months of the year reached $3 billion, the ministry said. It added that sunflower oil production had also grown 3.2 percent to 1.1 million tonnes in the first 11 months of the year.

Soya export volumes have grown in 2016 after President Mauricio Macri reduced export taxes on soyabeans and soya products shortly after taking office last December. In 2015, many producers hoarded their soyabeans awaiting the results of presidential elections in November.

Copyright Reuters, 2017