Overvalued Peso Puts Brakes on Soybean Sales in Argentina

(Agriculture Secretariat, Buenos )

(Bloomberg) -- Sales of Argentine soybeans are running at their slowest in at least a decade, according to government data analyzed by Bloomberg News. Farmers on the Pampas growing belt sold 22.8 million metric tons through July 3, just 45% of the harvest. For years, farmers have shielded their balance sheets against Argentina’s volatile currency by selling just enough soy to cover bills and keeping back the rest, frustrating exporters and processors. This year, the trend has been exacerbated because the peso is overvalued.

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