March 24 news: Argentina’s agriculture ministry released a report showing that as of March 9, Argentine farmers had sold 40,22 million tons of 2020/21 soybeans, an increase of 224.000 tons from a week earlier but lower than the same period last year. 3,9%. Argentina’s agriculture ministry said soybean sales were behind a year earlier when 41,86 million tonnes were sold. 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 10,8 million tonnes, up 1,02 million tonnes from a week earlier but down from 12,45 million tonnes a year earlier. The exchange forecasts Argentina’s soybean production to reach 42 million tonnes in 2021/22.
Source: Foreign media