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Special Exchange Rate For Soy Exporters Sees 15% Of Crop Sold In A Week

ARGENTINA
  • (Reuters) - Argentine farmers have sold 15.2% of the country's 44 million-tonne 2021/22 soybean crop in seven days since the government implemented a more favorable exchange rate for exports of the cash crop, the Rosario grains exchange said on Wednesday.
  • Local soy producers had been holding onto more soybeans than usual due to economic uncertainty, including inflation running at over 70% and fears over a potential devaluation of the peso currency. However, the government rolled out a favorable exchange rate for exporters earlier this month of 200 pesos/USD, far above the official rate of around 143 in an attempt to accumulate USD reserves.
    • According to the Ministry of Agriculture, by Wednesday of last week farmers had sold 56.9% of the total soybean 21/22.

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