Foreign media June 30 news: Argentina’s Ministry of Agriculture released a report showing that the pace of soybean sales by Argentina farmers continued to lag the same period last year.
As of June 22, Argentine farmers had pre-sold 19.1 million tonnes of 2021/22 soybeans, up 568,000 tonnes from a week earlier and down from 22.95 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 569,000 tons of 2022/23 soybeans, an increase of 67,000 tons from a week ago and down from 959,000 tons in the same period last year.