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FX incentive spurs Argentina soy sales to 3.1 million tonnes

BUENOS AIRES, Sept 8 (Reuters) - Argentine soybean farmers sold 3.1 million tonnes of soy beans between Monday and Wednesday, nearly five times more than last week, after the government introduced new foreign exchange incentives, according to the country's main Rosario grain exchange.

Farmers in Argentina, the world's top exporter of soy oil and meal and third-biggest for soybeans, had been holding back stocks to hedge against potential devaluation of the local currency amid soaring inflation.

Economy Minister Sergio Massa had on Sunday 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 exchange said a million tonnes of beans had traded on Wednesday, taking the total past 3 million tonnes since the policy went to effect. Farmers had sold just 667,000 tonnes last week. (Reporting by Maximilian Heath; editing by Jonathan Oatis)

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