Foreign media, January 13: Argentina’s Ministry of Agriculture released a report showing that as of January 5, Argentine farmers had sold 37.3 million tons of 2020/21 soybeans, an increase of 300,000 tons from a week earlier, but lower than the same period last year. 1.8%.
Argentina’s agriculture ministry said soybean sales were behind a year earlier, when 38 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.
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 depreciation of the peso means it is more cost-effective to hold soybeans than to hold the peso.
Argentine farmers have pre-sold 4.9 million tonnes of soybeans for the 2021/22 season, which began in October, up from 4.7 million a week earlier. The exchange forecast soybean production in 2021/22 to reach 44 million tonnes.