Argentina: Foreign media, April 27 news: Argentina’s Ministry of Agriculture released a report showing that the pace of soybean sales of Argentine farmers continued to lag the same period last year. As of April 20, Argentine farmers had pre-sold 13,58 million tonnes of 2021/22 soybeans, up 628.000 tonnes from a week earlier but down from 15,53 million tonnes a year earlier. The Buenos Aires Grain Exchange forecasts Argentina’s soybean production to reach 42 million tonnes in 2021/22. 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.
In addition, Argentine farmers have sold 40,68 million tons of 2020/21 soybeans, up 58.000 tons from a week earlier but down from 42,36 million tons a year earlier. Argentina’s 2020/21 soybean production, which was harvested last June, was 43,1 million tons, down from 49 million tons in 2019/20.