Argentina farmers sell 15% of total soy crop in a week, Rosario Exchange says

Farmers from Argentina have sold 15.2% of the country’s 44 million-tonne 2021/22 soy crop in seven days since the government implemented a more favorable exchange rate for cash crop exports, the Rosario grains exchange said on Wednesday, September 14.

Argentina is the world’s largest supplier of soybean oil and meal, and its growers held back more soybeans than usual until last month, owing to the uncertain Argentine economic situation, which includes anticipated inflation of 95% for the entire year 2022.

The soy crop in Argentina is estimated at 44 million tonnes.

See below the track record of Argentine exports of soybeans (HS 1201) in containers from January 2021 to July 2022. The data is from DataLiner.

Argentine exports of soybeans (HS 1201) | Jan 2021 – Jul 2022 | TEUs

Source: DataLiner (click here to request a demo)

“Since the beginning of the Export Expansion Program, 6,680,036 tonnes have been shipped till Tuesday (13),” BCR said in a report, indicating that it used official statistics to prepare its calculation.

As of Monday (September 5), as a government measure, farmers will enjoy during the current month an exchange rate of 200 pesos to each dollar obtained from soybean sales, well above the regular 142.8 pesos exchange rate.

Argentina, whose main income comes from agricultural exports, needs to strengthen its foreign exchange reserves, making the sale of soybeans essential.

According to the Ministry of Agriculture, by Wednesday of last week, farmers had sold 56.9% of the total soybean 21/22, approaching the rate of grain sales of the previous year’s cycle, which on the same date had been 63.9% of the total.

Source: Money Times

To read the full original article, please go to: https://www.moneytimes.com.br/argentinos-vendem-152-da-safra-de-soja-em-7-dias-gracas-a-medidas-do-governo/

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