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Rosario Stock Exchange economist Emilce Terré told S&P Global Platts that Argentine farmers are not hoarding soybeans, with sales in the 2020/21 marketing year tracking the average pace. Unsold soybeans total 8.8 million mt versus 9.9 million mt a year earlier.
She said high export taxes and a firm exchange rate are discouraging farming and sales.
Steady farmer selling keeps Argentine soybean meal and oil export supply on normal pace, so the hoarding concern that had supported prices looks unfounded. Lower unsold stocks than last year modestly weighs on global soymeal and oil prices.
spglobal.comNov 30, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
