Foreign media, January 27: Argentina’s Ministry of Agriculture released a report showing that as of January 19, Argentine farmers had sold 37.9 million tons of 2020/21 soybeans, an increase of 400,000 tons from a week earlier, but lower than the same period last year. 2.57%.
Argentina’s agriculture ministry said soybean sales were behind a year earlier, when 38.9 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 are still 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.
For 2021/22 soybeans, which began planting in October, Argentine farmers have pre-sold 6.08 million tonnes, up 590,000 tonnes from a week earlier and down from 6.58 million tonnes a year earlier. The exchange forecasts Argentina’s soybean production to reach 44 million tonnes in 2021/22.