Argentina farmers sell 15% of total soy crop in a week, Rosario exchange says
BUENOS AIRES, Sept 14 (Reuters) - Argentine farmers have sold 15.2% of the country's 44 million-tonne 2021/22 soybean crop in seven days since the government implemented a more favorable exchange rate for exports of the cash crop, the Rosario grains exchange said on Wednesday.
Argentina is the world's top exporter of soybean oil and meal and the No. 3 for the raw grains.
Until last month, local soy producers were holding onto more soybeans than usual due to Argentina's uncertain economic environment, including inflation running at over 70% and fears over a potential devaluation of the peso currency.
In a bid to unblock soy sales and bring in much-needed foreign currency, the government earlier this month rolled out a favorable exchange rate for exporters of 200 pesos per dollar, far above the official rate of around 143 pesos.
Since that measure was undertaken, farmers have sold some 6.7 million tonnes of soybeans, the major Rosario exchange said, citing official data up through Tuesday.
According to the Ministry of Agriculture, by Wednesday of last week farmers had sold 56.9% of the total soybean 21/22, approaching the rate of grain sales of the previous year's cycle, which on the same date had been 63.9% of the total. (Reporting by Maximilian Heath Editing by Bill Berkrot)
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