Argentine farmers have sold a total of 30 million tons of soybeans from the 2020/21 crop after registering sales of 650,200 tons over a seven-day period, the Ministry of Agriculture said yesterday evening.
The sales volume of one of the most important Argentine crops as of September 15th was below that of the previous season, when 31.6 million tons of the oilseeds had been sold by the corresponding point in time.
According to the Buenos Aires Grain Exchange, the 2020/21 soybean harvest in Argentina ended in June with 43.1 million tons, compared with 49 million tons in the 2019/20 season.
Soy is an important source of foreign currency. The US dollar is needed to replenish central banks' foreign exchange reserves, which were exacerbated by a three-year recession exacerbated by the COVID-19 pandemic last year.
The Buenos Aires Stock Exchange estimated the upcoming 2021/22 soybean harvest, which will be sown in October, at 44 million tons.
The ministry also said corn sales reached 40.4 million tons in 2020/21, 3.6 million tons more than sales at the same time last year.
The exchange estimates that in the 2020/21 season, 50.5 millionTons of maize were harvested and a record harvest of 55 million tons is expected for the 2021/22 season. In the last week the maize sowing of the new season started.
Argentine farmers have sold a total of 6.7 million tons of wheat for 2021/22, with the harvest scheduled to start in November, the government said. The Buenos Aires Stock Exchange estimates the new wheat harvest at 19.2 million tons.
Source
Hansa Terminhandel GmbH
