Foreign media, June 23 news: Argentina’s Ministry of Agriculture released a report showing that the pace of soybean sales of Argentina farmers continued to lag the same period last year. As of June 15, Argentine farmers had pre-sold 18.53 million tonnes of 2021/22 soybeans, up 615,000 tonnes from a week earlier and down from 22.5 million tonnes a year earlier. The Buenos Aires Grain Exchange forecasts Argentina’s soybean production to reach 43.3 million tonnes in 2021/22. Despite high international prices, Argentine farmers remain reluctant to sell soybeans as a hard currency against a weaker peso. Because Argentine farmers sell soybeans for peso income, the peso’s depreciation means it is more cost-effective to hold soybeans than to hold the peso. In addition, Argentine farmers have pre-sold 502,000 tons of 2022/23 soybeans, up 68,000 tons from a week earlier and down from 922,000 tons a year earlier.
