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Argentine government says 74.2% of 2021-22 soybean crop sold so far

Argentina soybean sales surged last week to 74.2% of the current harvest, helped by a preferential exchange rate, though sales trailed the totals seen at the same point last year, the government said Wednesday.

Wide Soybeans.jpg
Producers in Argentina sold 556,000 metric tons in the week of Nov. 24-30, the highest weekly figure in months, the agricultural secretariat said, though the season's sales so far still lag the 76.9% of last season's crop sold at the same point a year ago.
Trevor Peterson / Agweek file photo
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BUENOS AIRES, Dec 7 (Reuters) - Argentina soybean sales surged last week to 74.2% of the current harvest, helped by a preferential exchange rate, though sales trailed the totals seen at the same point last year, the government said Wednesday.

Producers sold 556,000 metric tons in the week of Nov. 24-30, the highest weekly figure in months, the agricultural secretariat said, though the season's sales so far still lag the 76.9% of last season's crop sold at the same point a year ago.

Argentina is the world's top exporter of processed soy, and the grain is a critical source of foreign currency for the government.

Last week, sales spiked after officials reinstated a temporary preferential exchange rate for producers, the so-called "soy dollar" foreign exchange rate.

The secretariat also reported Wednesday, on Dec. 7, that the country had sold 72.8% of its 59-million-metric tons 2021-22 corn crop, down from the 75.3% seen in the same period the previous cycle.

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The planting of corn for the 2022/23 cycle began in September in Argentina, the third largest exporter of the cereal, although a prolonged drought slowed its growth and resulted in the smallest area planted in six years, data from the major Rosario grains exchange showed.

The drought has also hurt Argentina's important wheat crop. Until last week 6 million tonnes of the 2022-23 wheat campaign had been sold, or about 44.6% of the total 22/23 crop, which the government estimates will total 13.4 million tonnes.

(Reporting by Belen Liotti; Editing by David Gregorio)

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