Foreign media July 14 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 July 6, Argentine farmers had pre-sold 19.95 million tonnes of 2021/22 soybeans, up 447,000 tonnes from a week earlier and down from 24.48 million tonnes a year earlier.

The Buenos Aires Grain Exchange forecasts Argentina’s soybean production to reach 43.3 million tonnes in 2021/22. In its July supply and demand report, the USDA projected Argentina’s production at 44 million tons.

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 667,000 tons of 2022/23 soybeans, up 36,000 tons from a week ago and down from 1.080 million tons in the same period last year.