Foreign media, September 22 news: The Rosario Grain Exchange said that after the government introduced new foreign exchange incentives, between September 5 and 19, Argentine soybean farmers sold a total of 9.3 million tons of soybeans, equivalent to 2021/ 21.1% of soybean production in 22 years.
Argentina’s 2021/22 soybean production is 44 million tons.
Argentina is the world’s largest exporter of soybean oil and soybean meal, and the third largest exporter of soybeans. Argentine farmers have been reluctant to sell soybeans as hard currency against inflation and a weakening currency.
On September 4, Argentina’s Economy Minister Sergio Massa announced a new preferential exchange rate. The settlement rate for soybean sales this month is 200 pesos per US dollar, instead of the official 140 pesos.
Argentine farmers had sold 27.18 million tonnes of 2021/22 soybeans as of last Wednesday (September 14), up 2.315 million tonnes from a week earlier and down from 30.05 million tonnes in the same period last year, according to data from Argentina’s Agriculture Ministry.