Buenos Aires, March 31: Argentine farmers have sold 40.37 million tonnes of 2020/21 soybeans as of March 23, up 124,000 tonnes from a week earlier, according to a report released by Argentina’s Agriculture Ministry. It was 3.8% lower than the same period last year.

The pace of soybean sales is lagging a year earlier, when 41.95 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 11.53 million tonnes, up 607,000 tonnes from a week ago, but down from 12.77 million tonnes in the same period last year. The exchange forecasts Argentina’s soybean production to reach 42 million tonnes in 2021/22.

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