Argentine farmers have sold 20.9 million tonnes of soybeans since the 2020/21 season, up from 863,600 tonnes last week.
According to official data, the rhythm of Argentine soybean sales is slower than the previous year, with 24.4 million tonnes of oilseeds sold this season.
Argentina’s 2020/21 soybean harvest is expected to be 43.5 million tonnes, according to the Buenos Aires grain exchange, estimated at 49 million tonnes in the 2019/20 crop year.
Argentina is the world’s largest exporter of soybean fodder. The country needs export dollars to replenish the central bank’s foreign currency reserves, which have been hit by a three-year recession caused by high inflation and a coronavirus epidemic.
Argentine farmers are also harvesting 2020/21 corn. According to the ministry, 29.7 million tonnes of maize have been sold so far this season, up from 3 million tonnes this season.