The Argentine agricultural sector is about to close an agricultural season that would yield a historical inflow of foreign currency in exports for the country.
Farmers in Argentina, a leading global food exporter, are warming up the engines of their harvesters, ready to harvest soybeans and corn, the last two crops in a cycle that, while not reaching record volume, would do so in revenue.
“The 2020/21 agricultural season would generate, at current prices, a record income of foreign currency from exports of about 37,500 million dollars,” said Emilce Terré, head of Information and Economic Studies at the Rosario Stock Exchange (BCR).
The BCR estimate includes exports of grains, their derived flour and oil, and also biofuels, said Terré, who explained that currently soybeans and corn -the two main crops in the country- register their highest values. in seven and nine years, respectively.
The data is great news for the Argentine economy, which is so hungry for foreign exchange in the context of the pandemic.
According to official data, in January agro-export companies ground 3.2 million tons of soybeans, after having processed only 800,000 tons of the grain in December, when three unions went on strike for weeks over wage claims.
Last month, after analyzing the impact of the rains, the BCR raised its harvest forecasts for soybeans and corn to 49 million and 48.5 million tons, respectively. In January his forecast was 47 million for the oilseed and 46 million tons for the cereal.
However, the eastern fringe of the core agricultural zone did not benefit as much from the rainfall and, despite the fact that water fell again in the center of the country in recent days, the yields of late-sown soybeans could be affected. of not receiving rain, added Russo.
The Buenos Aires Cereal Exchange said it could cut its projection of 46 million tons for soybeans if no rainfall is reported in the short term in the areas mentioned by the BCR analyst.