Argentine agrarians expect higher prices to boost soybean sales

According to estimates of the Ministry of Agriculture of Argentina, as of the beginning of May, the country’s agrarians sold 31% of the future soybean crop, which is projected at 49.7 million tons, which is the lowest figure for this period since the 2014/15 season.

It is also reported that as of May 15, the oilseed had been harvested from 61% of the planned area, which is inferior to last year’s result. The slow pace of the harvesting campaign is due to heavy rains in Argentina’s grain belt. This, together with low oilseed prices in the domestic market, has resulted in the slowest soybean sales in Argentina in 10 years.

It is expected that the slow pace of oilseed sales may also lead to a reduction in domestic processing.

Tags: soybean, Argentina, prices