May 10, 2021

 

Argentina grain and oilseed exports reach record high

 


Argentina's CIARA-CEC chamber of export companies said Argentina's agricultural exports have reached a record high US$9.755 billion between January to April 2021, thanks to surging international prices for grains and oilseeds, Reuters reported.

 

CIARA-CEC said the previous record was US$8.408 billion for the same period in 2016.

 

The chamber also said idle capacity for the country's grain processing industry dropped to between 38% and 41% in January to March 2021, following a record high in soybean milling in March when 3.39 million tonnes of soybean were processed.

 

The instability of the Argentine peso and high inflation in the country has resulted in many farmers hoarding crops this year, as stockpiling corn and soy is more profitable than saving in the anemic local currency.

 

Argentina's Ministry of Agriculture said farmers in Argentina have sold 16.4 million tonnes of soybeans in the 2020/2021 season, with deals for 869.200 tonnes registered over the last week.

 

Based on official data, 20.8 million tonnes of soybeans were sold during this same point in 2020.

 

The government also said 24.5 million tonnes of 2020/2021 corn has been sold, 850,000 tonnes more compared to the same period last year.

 

- Reuters