Foreign media May 19 news: Argentina’s Ministry of Agriculture released a report showing that the pace of soybean sales by Argentine farmers continued to lag the same period last year.
As of May 11, Argentine farmers had pre-sold 15.39 million tons of 2021/22 soybeans, up 777,000 tons from a week earlier, but down 16.7 percent from 18.47 million tons in the same period last year.
The Buenos Aires Grain Exchange forecasts Argentina’s soybean production to reach 42 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 depreciation of the peso means it is more cost-effective to hold soybeans than to hold the peso.
In addition, Argentine farmers have pre-sold 257,000 tons of 2022/23 soybeans, up 33,000 tons from a week ago, but down from 473,000 tons in the same period last year.