Argentine farmers sold more than 2 million tons of soybeans in two days

Argentine farmers sold a total of 2.13 million tonnes of soybeans on Monday and Tuesday, surpassing in just two days the 667,000 tonnes sold last week after the government established a preferential exchange rate for soybean exports, the Rosario Stock Exchange said Wednesday.

The sharp increase in sales comes after Economy Minister Sergio Massa’s announcement on Sunday that set the exchange rate for soybean producers at 200 pesos per dollar, which is above the official 140 pesos per dollar rate.

Up until last week, Argentine producers had been selling their product at a significantly lower rate than last year, holding off sales amid increasing economic uncertainty in Argentina.

Soybeans, along with their oil and flour derivatives, are Argentina’s most important source of foreign exchange.

Until Aug. 31, before the exchange rate announcement, producers had sold 52.3% of the 44 million tonnes of soybeans harvested during the 2021/22 season. The figure is down from the 62.8% sold at the same date last year, when production stood at 46 million tonnes, according to official data.

Tags: soybean, Argentina