Argentine farmers sell 25.8 mln tonnes of 2020/21 soybeans, ministry says

Argentine farmers have sold 25.8 million tonnes of soybeans from the current 2020/21 crop year, after transactions were recorded over the last week for 747,600 tonnes, the Agriculture Ministry said on Tuesday in a report with data through July 21.

The pace of soy crop sales is behind that of the previous season. At this point last year sales of 27.9 million tonnes of the oilseed had been registered, official data showed.

The soy harvest in Argentina ended in June at 43.5 million tonnes, according to the Buenos Aires Grains Exchange. The 2019/20 harvest was 49 million tonnes, the exchange says.

Foreign exchange from agricultural exports is key to Argentina’s economy, which has been battered by stagflation for two years, a situation exacerbated by the COVID-19 pandemic.

With regard to corn, the ministry said sales of the 2020/21 crop, which is currently harvested, have totaled 34.6 million tonnes, about 3 million tonnes more than those registered at this point in the last season.

The exchange expects a 2020/21 corn crop of 48 million tonnes. As of last week harvesting was 72.2% complete, the exchange said.
Source: Reuters (Reporting by Maximillian Health; writing by Aislinn Laing;)