Argentine farmers sell 14.37 mln tonnes of soy so far this season
BUENOS AIRES, April 21 (Reuters) - Argentine farmers have sold 14.37 million tonnes of 2020/21 soybeans, a figure that lags last year's sales tempo, the Agriculture Ministry said on Wednesday in a report with data updated through April 14.
Bad weather recently prompted the Buenos Aires Grains Exchange to cut its 2020/21 crop estimate to 43 million tonnes from a previous forecast of 45 million tonnes. Harvesting on the Pampas grains belt started earlier this month.
The ministry said the pace of sales is lagging last year, when growers had sold 19.23 million tonnes of soybeans by the same date. Farmers have been reluctant to sell this year amid uncertainty about the foreign exchange rate.
Many are shrugging off high prices, saying they would rather save by way of storehousing beans rather than trusting the anemic peso currency.
Argentina is the top global supplier of soymeal livestock feed used to fatten hogs and poultry from Europe to Southeast Asia. The government is counting on export dollars to shore up central bank reserves in the face of a long recession that was exacerbated by the coronavirus pandemic. (Reporting by Agustin Geist, writing by Hugh Bronstein Editing by Alistair Bell)
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