Argentine farmers have sold about 39.6 million tonnes of 2020/21 soybeans as of February 23

Foreign media March 3 news: Argentina’s Ministry of Agriculture released a report showing that as of February 23, Argentine farmers had sold 39.56 million tons of 2020/21 soybeans, an increase of 372,000 tons from a week earlier, but lower than the same period last year. 4.0%.

Soybean sales are lagging a year earlier, when 41.21 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, Argentine farmers have pre-sold 8.7 million tonnes, up 886,000 tonnes from a week ago, but down from 10.64 million tonnes in the same period last year. The exchange forecasts Argentina’s soybean production to reach 42 million tonnes in 2021/22.