Argentina soybean prices decline farmers reduce market sales

Introduction: Buenos Aires, June 18 news: Argentina's soybean prices fell on Tuesday, the first two trading days of gains back, because Peso slightly higher, so Argentina's soybean trend is weaker than CBOT's As prices fell, farmers immediately responded by reducing sales in the market, where soybean sales have been sluggish for weeks Worried about the country's economy, the faltering banking system and the unstable Peso exchange rate, farmers' sales of soybeans are 30% - 40% lower than normal There is not enough grain and Oilseeds in the market to meet the demand, and grain companies have to restrict grain export and sales A trader in Rosario said that even if the price dropped a little, farmers would find a good reason not to sell their beans In addition, the exchange rate also plays a key role in soybean price trend Because soybeans are priced in dollars in the world market Therefore, the weak Peso usually leads to the rise of domestic soybean price, whereas the stronger Peso leads to the fall of soybean price On Tuesday, the peso in block trading closed higher at 3.56/3.58 Peso to the dollar, up from 3.60/3.62 Peso on Friday All markets in Argentina were closed on Monday to celebrate national flag day The National Bank of Argentina quoted 3.486 pesos to the dollar, compared with 3.511 pesos to the dollar on Friday When Argentine exporters give their export dollars to the central bank, they exchange the exchange rate from the bank for pesos Chicago soybeans fell, putting pressure on local prices Chicago's soybean decline was due to good weather in the US soybean belt In Rosario, soybeans fell 9-11 pesos to 480-482 pesos per ton, or $137.70 to $138.20, while in Bahia Blanca, they were quoted at 480 pesos per ton.