Free Trial

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

  • (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.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.