Farmers in Argentina have sold 33.1 million tons of soybeans 20/21: Government

Soy beans are seen at a Grobocopatel Hermanos company storage plant in Carlos Casares, Argentina, April 16, 2018. Picture taken April 16, 2018. REUTERS/Agustin Marcarian

BUENOS AIRES, Nov 2 (Reuters) – Argentine farmers have sold 33.1 million tons of soybeans for the 2020/21 cycle, after transactions were recorded in a week for 483,600 tons, the Ministry of Agriculture reported on Tuesday in a report with updated data until October 27.

The rhythm of sales of one of the main crops in Argentina was behind that of the previous season, when at the same date sales of 34.4 million tons of the oilseed had been registered, according to official information.

The 2020/21 soybean harvest in Argentina ended in June with a production of 43.1 million tons, according to the Buenos Aires Cereal Exchange (BdeC), which estimated the harvest for the 2019/20 cycle at 49 million tons .

Foreign exchange from agricultural exports is essential for Argentina’s battered economy, which has been in a state of stagflation for more than two years, aggravated by the effects of the COVID-19 pandemic.

With regard to soybeans 2021/22, whose planting began last month in Argentina, there have already been sales of 2.6 million tons, according to official data. The BdeC estimates the soybean harvest for the new season at 44 million tons.

For the 2020/21 corn, the Government said that sales of the cereal have been registered for a total of 43.7 million tons, 4.1 million tons more than on the same date in the previous season. The 20/21 corn had a final production of 50.5 million tons, according to the BdeC.

The cereal also registered sales for the 2021/22 campaign of 8.9 million tons. The sowing of corn for the new season has already begun and the Buenos Aires Stock Exchange estimates the grain harvest at a record 55 million tons.

Meanwhile, 2021/22 wheat had sales of 9.2 million tons, from the 5.6 million sold on the same date in the previous cycle, the government said. The BdeC estimated the 21/22 wheat production at a record 19.8 million tonnes. Its harvest ends in January.

(Reporting by Agustín Geist; Edited by Maximilian Heath)

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