Argentina farmers sold yet to be harvested soybeans
Argentine farmers have sold 11.89 million tonnes of yet-to-be-harvested soybeans, the Ministry of Agriculture said in a report that included data through March 10.
The dryness that has afflicted the heaths farm belt will cost Argentina $2.26 billion in soybean and soy-based agricultural exports, the Rosario grains exchange said last week. However, widespread rain storms over recent days have given relief to farmers worried about lost crop yields.
The exchange expects a 2020/21 soybean crop of 45 million tonnes.
The South American grains powerhouse is the world’s top exports of soymeal livestock feed and soyoil.
For its part, 2020/21 corn sales of 19.1 million tonnes have been clocked so far, the ministry’s report said.
Harvesting of 2020/2021 soybeans and corn, the two main crops in the country, is set to begin in the coming weeks.
According to the Buenos Aires Grains Exchange, Argentina’s 2020/21 soy crop is forecasted at 44 million tonnes while it expects 45 million tonnes of corn to be brought in this season.
Both exchanges trimmed their Argentine crop estimates last week due to the persistent dryness, adding to concerns about thin global supplies.
U.S. soybean stocks are forecast to fall to their lowest in seven years by September. Brazil’s harvest has been delayed, further limiting the amount of soy available globally.
Source
BUENOS AIRES, March 17 (Reuters)