Buenos Aires, March 31: Argentine farmers have sold 40.37 million tons of 2020/21 soybeans as of March 23, up 124.000 tons from a week earlier, according to a report released by the Argentine Ministry of Agriculture. It was 3,8% lower than the same period last year. Argentina’s agriculture ministry said soybean sales were behind a year earlier when they sold 41,95 million tonnes. Argentina’s 2020/21 soybean production, which was harvested in June, was 43,1 million tonnes, down from 49 million tonnes in 2019/20, the Buenos Aires Grain Exchange said. Argentine farmers remain reluctant to sell soybeans as a hard currency against a weaker peso despite high international prices. Because Argentine farmers sell soybeans for peso income, the depreciation of the peso means it is more cost-effective to hold soybeans than to hold the peso. For 2021/22 soybeans, Argentine farmers have pre-sold 11,53 million tonnes, up 607.000 tonnes from a week earlier but down from 12,77 million tonnes a year earlier. The exchange forecasts Argentina’s soybean production to reach 42 million tonnes in 2021/22.
