Foreign media, February 3 news: Argentina’s agriculture ministry released a report showing that as of January 26, Argentine farmers had sold 38.2 million tons of 2020/21 soybeans, an increase of 234,000 tons from a week earlier, but lower than the same period last year. 2.66%.
Soybean sales are lagging a year earlier, when 39.2 million tonnes were sold, Argentina’s Agriculture Ministry said.
Argentina’s soybean production for the 2020/21 season, which was harvested in June, was 43.1 million tons, down from 49 million tons 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.
For 2021/22 soybeans, which began planting in October, Argentine farmers have pre-sold 6.33 million tonnes, up 250,000 tonnes from a week ago and down from 7.06 million tonnes in the same period last year. The exchange forecasts Argentina’s soybean production to reach 44 million tonnes in 2021/22.