Argentine farmers sold a total of 2.13 million tons of soybeans on Monday (5) and Tuesday (6), surpassing in just two days the 667,000 tons sold last week, after the government established an exchange rate preference for oilseed exports, informed the Rosário Stock Exchange this Wednesday (7th).
The sharp increase in sales follows the announcement by Economy Minister Sergio Massa on Sunday that he set the exchange rate for soybean producers at 200 pesos per dollar, which is above the official rate of 140 pesos per dollar. dollar.
Until last week, Argentine producers were selling their products at a significantly lower rate than last year, delaying sales amid growing economic uncertainty in Argentina.
Soybeans, along with soybean oil and meal, are Argentina’s most important source of foreign exchange.
Until August 31, before the exchange rate announcement, producers had sold 52.3% of the 44 million tons of soybeans harvested in the 2021/22 harvest.
The number is lower than the 62.8% sold on the same date last year, when production stood at 46 million tonnes, according to official data.
The Argentine authorities intend to increase activity with the new exchange rate.
In 2021, soybean exports totaled 21.5 billion dollars.
Exports of the Argentine soy complex are essential for the country’s economy, especially at a time of low foreign exchange reserves and rising inflation.
In addition to the inflationary and reserve crisis, the government of President Alberto Fernandez has to comply with the terms of a US$44 billion agreement with the International Monetary Fund (IMF).
(By Maximilian Heath in Buenos Aires)
Source: CNN Brasil
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