Argentine farmers have so far sold 32.7 million tonnes of 2020/21 soy, the Agriculture Ministry said on Tuesday in a report including data through October 20.
The rhythm of sales was behind that of the previous season, when as of the same date last year sales of 33.9 million tonnes of the oilseed had been registered, according to official data.
The 2020/21 soybean harvest concluded in June at 43.1 million tonnes, according to the Buenos Aires Grains Exchange, which estimated the 2019/20 harvest at 49 million tonnes.
Foreign exchange from agricultural exports is essential for Argentina’s economy, which has been hit by inflation running at more than 52% per year and a deep 2020 recession.
Regarding 2021/22 soybeans, planting of which starts this month, sales of 2.4 million tonnes have been registered in the forward market so far, the ministry said in the report. The exchange expects a 2021/22 harvest of 44 million tonnes.
Source: Reuters (Reporting by Agustin Geist, writing by Hugh Bronstein Editing by Sonya Hepinstall)