BUENOS AIRES, Might 18 (Reuters) – Argentine growers have offered 18.5 million tonnes of soybeans from the present 2020/21 season, after clinching offers for 1.2 million tonnes during the last week alone, the Agriculture Ministry mentioned in a report on Tuesday.
The info within the report was up to date by Might 12.
With farmers hoarding soybeans as a hedge towards an anemic native peso foreign money, this 12 months’s gross sales rhythm is slower than final 12 months’s when, by mid Might, farmers had offered 22.Three million tonnes of the oilseed.
Regardless of robust present agricultural commodity costs, many farmers are opting to save lots of by means of piling up soybean shares moderately than banking pesos. The native foreign money has weakened 10.6% thus far this 12 months to 94.17 per U.S. greenback.
Farmers within the South American grains powerhouse are at the moment harvesting 2020/21 soybeans and corn. The Rosario grains trade expects a soy crop of 45 million tonnes and 50 million tonnes of corn to be harvested.
Growers in Argentina have offered 27.9 million tonnes of 2020/21 corn, based on the ministry’s report, or 3.5 million tonnes greater than what was offered by this level final 12 months.
(Reporting by Agustin Geist, writing by Hugh Bronstein, modifying by Chris Reese)
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