Argentina doubles corn sales y/y in previous week

Sales have been boosted by Russia-Ukraine conflict
calendar icon 9 March 2022
clock icon 1 minute read

Farmers in Argentina have sold 16.6 million tonnes of corn during the 2021/22 season as of 2 March, the Ministry of Agriculture said on Tuesday.

According to the Ministry, the country recorded a 687,500 tonnes of corn sold between 23 February and 2 March, two times the volume registered in the same period one year ago, boosted by the conflict between Russia and Ukraine that has cut the global supply of the grain, reported Reuters.

The country's farmers are beginning to harvest the 2021/22 cereal, whose harvest is estimated at 51 million tonnes by the Buenos Aires Grains Exchange.

Late last year, the Argentine government placed a limit on corn exports for the 2021/22 cycle of 41.6 million tons in an attempt to control high domestic food prices.

For the 2021/22 soybean cycle, Argentine farmers have sold 9 million tonnes of the oilseed, whose harvest will begin in the coming weeks. On the same date last season, the sales volume had been 11.1 million tonnes.

The Grains Exchange estimated soybean production for the current campaign at 42 million tons.

Foreign exchange from agricultural exports is essential for Argentina's battered economy, which is only now beginning to grow after more than two years of stagnation that was aggravated by the effects of the pandemic.

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