Foreign media news on December 23: According to a report issued by the Argentine Ministry of Agriculture, as of December 15, Argentine farmers have sold 36.3 million tons of 2020/21 soybeans, an increase of about 600,000 tons from a week ago, but compared to last year It was 1.9% lower over the same period.
According to the Argentine Ministry of Agriculture, the pace of soybean sales lags behind the same period last year, when sales were 37 million tons.
The Buenos Aires Grain Exchange stated that the 2020/21 Argentine soybean production, which was harvested in June, was 43.1 million tons, down from 49 million tons in 2019/20.
The exchange predicts that soybean production in 2021/22 will reach 44 million tons.
Despite high international prices, Argentine farmers are still reluctant to sell soybeans, using soybeans as a hard currency against the weakening of the peso. The Argentine peso exchange rate was 102.25 pesos to 1 U.S. dollar, down 20.8% from 84.61 pesos to 1 U.S. dollar at the end of last year. As Argentine farmers earn pesos from selling soybeans, the depreciation of the peso means that it is more cost-effective to hold soybeans than to hold pesos.