Posted on April, 27, 2022 at 10:52 am
Argentina's farmers are on track for relatively flat corn sales in the current cycle while the soybean harvest dips, according to official data released on Tuesday, with both crops providing crucial export revenues for the country's battered economy.
Argentina is a major international grains producer and exporter, but the commodity market has been disrupted by Russia's invasion of Ukraine, both of which are key global suppliers.
Some 22.6 million tonnes of corn from the current 2021/22 harvesting season have been sold so far, the agriculture ministry said on Tuesday, noting that 880,000 tonnes were traded in the week through April 20.
The weekly volume rose when compared to the same period last year, when 703,000 tonnes were sold, as Russia's war has spurred new uncertainty over available supplies.
The overall volume of Argentine corn sold so far is about the same as during the same period last year.
The 2021/22 corn crop is seen reaching 49 million tonnes, according to the Buenos Aires grains exchange (BdeC), while the previous cycle totaled 52.5 million tonnes.
Through last week, Argentina's farmers have harvested about 23% of the planted area for 2021/22, according to the BdeC.
Late last year, the government set a corn export limit of 41.6 million tonnes during the current season, in an attempt to rein in high domestic food prices.
Meanwhile, about 13.6 million tonnes of soybeans have been sold so far, the official data showed, down from 15.5 million tonnes at the same time last year.
Source: Successful Farming