Argentine farmers have sold about 17.3 million tonnes of 2021/22 soybeans as of June 1

Foreign media June 9 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 June 1, Argentine farmers had pre-sold 17.34 million tonnes of 2021/22 soybeans, up 771,000 tonnes from a week earlier and down from 20.92 million tonnes a year earlier.

The Buenos Aires Grain Exchange forecasts Argentina’s soybean production to reach 43.3 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 403,000 tons of 2022/23 soybeans, an increase of 86,000 tons from a week ago and down from 744,000 tons in the same period last year.