Argentine farmers sold 30.5 mil tons of soybeans in 2020/21

Argentine farmers sold 30.5 million tons of soybeans for the 2020/21 season after transactions of 495,300 tons were registered in just one week, the Ministry of Agriculture reported on Tuesday in a report with updated data from 22 September.

The pace of sales of one of Argentina’s main crops fell short of the previous season, when sales of 32.2 million tons of the oilseed had been registered on the same date, according to official information.

The 2020/21 soy harvest in Argentina ended in June with a production of 43.1 million tons, according to BdeC (the Buenos Aires cereals exchange), which estimates the harvest for the 2019/20 season at 49 million tons.

The foreign exchange generated by agricultural exports is essential for the economy of Argentina, which has been in a state of stagflation for more than two years, aggravated by the effects of the Covid-19 pandemic.

Regarding the 2021/22 soybeans which will be sowed beginning in October in Argentina, the country has already sold 1.9 million tons, according to official data. BdeC estimates the soybean harvest for the new crop at 44 million tons.

Source: Money Times

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