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As of October 20, Argentine farmers have sold 32.7 million tons of 2020/21 soybeans

 Last Update: 2021-11-11
 Source: Internet
 Author: User

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Foreign media news on October 27: According to a report released by the Argentine Ministry of Agriculture , as of October 20, Argentine farmers have sold 32.
7 million tons of 2020/21 soybeans , an increase of 800,000 tons from a week ago, but compared to the same period last year It’s 3.
5% lower
.

According to the Argentine Ministry of Agriculture, the pace of soybean sales lags behind the same period last year, when sales were 33.
9 million tons
.

According to the forecast of the Buenos Aires Grain Exchange, Argentina’s soybean production this year is 43.
1 million tons, which is lower than the 49 million tons in 2019/20
.
Soybean production in 2021/22 will reach 44 million tons
.

Despite high international prices, Argentine farmers are still reluctant to sell soybeans, using soybeans as a hard currency against the weakening of the peso
.
The Argentine peso exchange rate was 99.
54 pesos to 1 U.
S.
dollar, down 17.
6% from 84.
61 pesos to 1 U.
S.
dollar at the end of last year
.
As Argentine farmers get income from soybeans in pesos, the depreciation of the pesos means that it is more cost-effective to hold soybeans than to hold pesos
.

　　In addition, farmers also pre-sold 2.
4 million tons of soybeans for the year of 2021/22
.

Department of Agriculture Soybeans

　　According to the Argentine Ministry of Agriculture, the pace of soybean sales lags behind the same period last year, when sales were 33.
9 million tons
.

　　In addition, farmers also pre-sold 2.
4 million tons of soybeans for the year of 2021/22
.

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