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334054

Argentine weekly soy sales slow after FX crackdown -government

BUENOS AIRES, Sept 27 (Reuters) - Argentina's grain producers have sold 65.2% of the 2021/22 soybean harvest so far, the country's agriculture ministry said on Tuesday, lagging behind the sales rate reported at the same time in the previous season.

Argentina is the world's leading exporter of oil and meal derived from soybean. Its production of the grain in the 2021/22 cycle was 44 million tonnes.

The ministry said that between Sept. 15-21, the country's producers sold 1.6 million tonnes, a 30.4% decrease if compared to the 2.3 million tonnes sold in the previous week, which had been boosted by a preferential foreign exchange rate for soy exporters.

The slowdown in sales happened after the country's central bank decided to prevent the purchase of foreign currency for companies that had settled soybeans for the 21/22 season using the preferential exchange rate.

The preferential rate will expire at the end of September.

Meanwhile, producers have already sold 66.7% of the 59 million tonnes of corn for the 2021/22 cycle, an increase if compared to the 61.7% sold in the previous cycle.

Corn planting for the 2022/23 season, already under way, is facing less rainfall than normal, according to the National Meteorological Service, as a result of the La Niña phenomenon. (Reporting by Belen Liotti; Editing by Sandra Maler)

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