Argentine farmers’ soybean sales hit 11-year low

Argentina Soybean Market Outlook Improves

Weather conditions have become more favorable for soybean farmers in Argentina, Michael Cordonnier of Soybean & Corn Advisor Inc. said in a note — farmers are expected to make big strides in progress after excessive moisture led to weeks of delays. Cordonnier now forecasts Argentina’s soybean production at 50 million metric tons, with the country planting furiously after weeks of excessive rainfall. Cordonnier continues to forecast Brazil’s crop output at 169 million tons of soybeans and 125 million tons of corn. CBOT grains were mixed in premarket trading, with corn down 0.1%, soybeans down 0.3% and wheat up 0.8%. Improved planting in Argentina could weigh on global prices in the competitive export market.

Soybean sales by Argentine farmers are at their slowest pace in 11 years, despite an easing of exchange controls that President Javier Miley had hoped would boost soybean sales, Agriculture Ministry data showed on Tuesday.

Oilseed sales have reached 24% of the projected 2024/25 harvest of 49 million metric tons in Argentina, the world’s largest exporter of soybean oil and soybean meal.

The ministry data were compiled through April 23 and showed that farmers had sold 713,800 tons of 2024/25 soybeans in the previous seven days.

Uncertainty over the exchange rate and a slow start to the soybean harvest due to heavy rains have weighed on the pace of soybean sales.

Until last week, the pace of oilseed sales was the slowest in a decade.

Tags: soybean, Argentina