Argentine soybean sales plummet in early October after soy dollar ends

As government withdraws incentive to sell, sales reach lowest level since end of August

Argentine soybean farmer sales in the week ending October 5 dropped 79% on the prior week after the government incentive to sell beans ended in late September, official data from the Agriculture Secretariat showed late Wednesday.

Sales of the corn crop that was harvested earlier this year rose 20% on the prior week, while sales of the crop that is currently being planted jumped 140% on the week, the data showed.

But a decline in new and old crop wheat sales was recorded, both down by 38% and 18%, respectively.

Soybean sales

Soybean crop sales in the week to October 5 dropped 79% on the week, landing at 376,000 tonnes, the lowest level recorded since the end of August, as the incentive to sell beans is withdrawn with the end of the soy dollar on September 30.

On a cumulative basis, a total of 30.74 million tonnes of the 2021-22 crop – harvested earlier this year – was sold for the season to October 5, representing 71% of the total crop now sold.

Soybean sales of the 2022-23 crop, which is due to start being planted, rose 10% on the week, with a total of 1.55 million tonnes sold for the season to date, remaining 28% down on the year.

Export registrations for the season to date came to 5.6 million tonnes, up 5% on the prior week and up 9% on the same time last year.

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Corn sales

Farmer sales of the recently harvested 2021-22 corn crop rose 20% on the week to land at 971,000 tonnes, while sales of the 2022-23 crop – which farmers have started planting – surged 140% on the week to land at 326,000 tonnes.

Cumulative farmer sales of the 2021-22 corn crop came to 40.5 million tonnes, remaining 4% behind last year’s progress, while total sales of the new crop came to 5.24 million tonnes, which was down by 33% on the same period last year.

Export license applications for the 2021-22 crop came at 32.82 million tonnes, down 13% on the year, while export license applications for the 2022-23 crop amounted to 8.99 million tonnes, up 61% from a year earlier.

Wheat sales

Farmer sales of the 2022/23 wheat crop, which is currently developing under drought conditions, dropped 38% on the week to October 5, landing at 9,000 tonnes, while sales of the old crop slid 18% on the week to land at 73,000 tonnes.

Cumulative sales of the 2022-23 crop totaled 5.3 million tonnes, down 32% on the year, while sales of the record high 2021-22 crop reached 22.28 million tonnes, marking a 35% yearly increase.

Export license applications for the 2022-23 crop went unchanged at 8.8 million tonnes, compared with 7.5 million mt recorded a year earlier.

Export applications for the 2021-22 crop also stood still at 14.55 million tonnes, up 39% on the year.

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