Argentina's soy sales tick up in last week of August
BUENOS AIRES, Sept 6 (Reuters) - Argentine soybean farmers registered 268,000 tonnes of sales during the last week of August, according to agriculture ministry data released on Tuesday, as the country expects the pace of sales to increase as new incentives kick in.
The Aug. 25-31 soy sales boosted the proportion of the 2021/2022 harvest that has been sold to 52.2% of the 44-million-tonne crop.
Soy sales during the current harvesting season, however, significantly lag the percentage of the crop sold at this point during the previous 2020/2021 cycle, when nearly 63% had been purchased.
Argentina is the world's biggest soy oil and meal exporter, as well as the No. 3 soybeans supplier, with exports playing a vital role as a top generator of foreign reserves for central bank coffers.
On Sunday, Economy Minister Sergio Massa announced new incentives for soybean farmers to sell more of their stock by being able to access a more favorable exchange rate this month. The 200 peso per U.S. dollar rate available to soy farmers and exporters formally launched on Monday and will extend through Sept. 30.
The agriculture ministry also reported that about 65% of the country's 59-million-tonne corn harvest during 2021/2022 has been sold, slightly above year-ago sales figures. (Reporting by Belen Liotti; Editing by Leslie Adler)
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