Argentine old crop soybean farmer sales slow despite soy dollar

Argentine farmer sales of old crop soybeans sank despite the extension of the new soy dollar scheme, while corn fell too and wheat was mixed on market-year sales in the week ending October 4, data from the country’s agriculture secretariat showed Wednesday, October 11.

Sales of the 2023-24 soybean crop fell by 24.3% to 28,000 tonnes during the week, while sales of the 2022-23 crop decreased 66% to 385,000 tonnes.

The new sales took the total amount for the 2023-24 crop, with 1.2 million tonnes sold, which is 22.6% lower than the 1.5 million tonnes reported at the same point in 2022.

Regarding the 2022-23 crop, 15.3 million tonnes has been sold to date, down 50% from the 30.7 million tonnes sold at the same time last year.

Export license applications for the 2023-24 crop reached 380,000 tonnes, while 251,000 tonnes was reported a year ago.

Applications for export of the 2022-23 crop came to 1.9 million tonnes, lower than the 5.5 million tonnes reached at the same point last year.

Corn sales

Farmer sales of the 2023-24 corn crop fell 1.2% to 160,000 tonnes, while sales of the 2022-23 crop decreased by 43.9% to 773,000 tonnes in the week.

On a cumulative basis, 3.2 million tonnes of the 2023-24 crop has been sold to date, down 37.3% from 5.2 million tonnes seen at the same point last year.

Total sales of the 2022-23 crop reached 25.6 million tonnes, which was 36.7% lower than at the same point last year.

Export license applications for the 2023-24 crop amounted to 430,000 tonnes, while 8.9 million tonnes were issued at the same point in 2022.

Export applications for the 2022-23 crop amounted to 20.7 million tonnes, a 36.3% drop from a year earlier.

Wheat sales

Farmer sales of the 2023-24 wheat crop rose by 76% to 88,000 tonnes during the week, while sales of the 2022-23 crop were down 57.7% at 82,000 tonnes.

A total of 1.7 million tonnes of the 2023-24 crop has been sold so far, down sharply from 5.3 million tonnes at the same point in 2022.

Cumulative sales of the 2022-23 crop reached 12 million tonnes compared with 22.2 million tonnes a year ago.

There were no export license applications for the 2023-24 crop – again in sharp contrast to the 8.8 million tonnes noted at the same point in the previous season.

Export applications for the 2022-23 crop stood at 8.8 million tonnes, down 38.9% from a year earlier.

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