Foreign media, February 21: A report released by the Argentine Ministry of Agriculture showed that as of February 9, Argentine farmers had sold 38.84 million tons of 2020/21 soybeans, an increase of 306,000 tons from a week earlier, but lower than the same period last year. 3.7%.
The pace of soybean sales is lagging a year earlier, when 40.32 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 7.5 million tonnes, up 920,000 tonnes from a week ago and down from 9.9 million tonnes a year earlier. The exchange forecasts Argentina’s soybean production to reach 42 million tonnes in 2021/22.