Argentine farmers sold 43.5% of their 2023/24 soybean crop by last week, equating to approximately 21.6 million tons, according to the Secretary of Bioeconomy on Tuesday. This sales pace aligns with the grain commercialization rates of the previous two seasons.
Argentina stands as one of the world's top two exporters of soybean oil and meal. The latest government grain sales report indicates that 464,100 tons of 2023/24 soybeans were sold between June 13 and June 19.
Despite a slow start in sales earlier this year, the soybean marketing pace has now reached the levels of the 2022/23 and 2021/22 seasons, which were at 43.2% and 43.5% respectively by the same date. In comparison, the 2020/21 season saw 48.7% sold by mid-June.
As of last week, the 2023/24 soybean harvest was 98.3% complete, with the Buenos Aires Grain Exchange projecting a production of 50.5 million tons.
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