Argentina says producers have sold 23 million tons of 2020/21 soybean crop

RIO DE JANEIRO, BRAZIL – Argentina’s producers have sold 23 million metric tons of soybeans from the 2020/21 season after recording transactions totaling 518,800 tons last week, the Agriculture Ministry said Tuesday in a report updated to June 23.

The pace of soybean sales is behind that of the previous season. At the same time last year, 25.8 million tons of soybeans were sold, according to official data.

According to the Buenos Aires Grain Exchange, Argentina’s current 2020/21 soybean crop is estimated at 43.5 million metric tons, compared with 49 million metric tons harvested the previous season.

Argentina needs foreign currency from exports to boost its struggling economy, going through two years of stagflation exacerbated by the Covid 19 pandemic.

The government also said corn sales for 2020/21 total 31.1 million tons, about 3 million more than last year. The exchange estimates the corn harvest for this season at 48 million tons, as the 2020/21 harvest is still taking place.