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Argentina soybean sales speed up, 71% of 2021/22 crop sold so far

BUENOS AIRES, Nov 2 (Reuters) - Farmers in Argentina, one of the country's largest oilseed exporters, sold 71% of this cycle's 44-million-tonne soybean harvest as of last week, the country's agriculture ministry said on Wednesday.

Argentina sold 323,100 tonnes of soybeans between Oct. 20 and 26, it said, nearly doubling the 164,000 tonnes that traded the previous week. Producers had sold 483,600 tonnes during the same period in the 2020/21 crop.

This comes after Argentina sold 13.3 million tonnes of soybeans in September, more than triple the historical monthly average of 4.4 million tonnes, as farmers benefited from a preferential exchange rate intended to spur exports and bring in much-needed foreign currency.

The ministry said the country had also sold 70.4% of its 2021/22 corn harvest, down from the 72.1% it had sold at the same time during the previous cycle.

Argentina, the world's third-largest corn exporter, began sowing its 2022/23 crop in September, though a prolonged drought delayed planting and led farmers to sow the smallest area in six years, according to the Rosario Grains Exchange (BCR).

The ministry also said Argentina had sold 5.5 million tonnes of its 2022/23 wheat crop as of last week, while the BCR cut its harvest forecasts due to lack of rain. (Reporting by Belen Liotti; Writing by Sarah Morland; Editing by Sandra Maler)

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