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5 million tons of 2020/21 soybeans , an increase of 495,300 tons from a week ago, but lower than the same period last year.
That’s 5.
3%
.
According to the Argentine Ministry of Agriculture, the pace of soybean sales lags behind the same period last year, when sales were 32.
2 million tons
.
2 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
.
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 98.
71 pesos to 1 U.
S.
dollar, down 16.
7% 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
.
.
The Argentine peso exchange rate was 98.
71 pesos to 1 U.
S.
dollar, down 16.
7% 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
.
