Argentina soybean sales hit highest in months as preferential rates kick in
Foreign media, November 29 news: Argentine farmers sold 299,000 tons of soybeans on Monday, the highest single-day sales in two months, the Rosario Grain Exchange (BCR) said on Tuesday, as the government banned soybeans for the rest of the year. Special exchange rates are provided for soybean sales to promote foreign exchange earnings from soybean exports.
From November 28 to December 31, the Argentine government set a special exchange rate for farmers to sell soybeans at 230 pesos to one dollar, 38% higher than the income from selling soybeans at the official exchange rate on Tuesday, thereby encouraging farmers to sell soybeans faster.
Farmers sold 298,911 tonnes of soybeans on the first day the special exchange rate came into effect, the highest single-day sales volume since September when the dollar exchange rate for soybeans ended, the BCR report said.
The Argentine government implemented a preferential exchange rate of 200 pesos to 1 U.S. dollar from September 5 to 30, while the official exchange rate was 140 pesos at that time, prompting farmers to sell about 13.3 million tons of soybeans, which is usually the amount of soybeans sold by Argentine farmers every month 4.4 million tons.
According to a report from the Argentine Ministry of Agriculture, between November 10 and 17, Argentine farmers sold 165,500 tons of soybeans for the 2021/22 season.