Argentina farmers speed up stalled soy sales on better weather, price
By Maximilian Heath
BUENOS AIRES, May 29 (Reuters) -Argentina farmers are speeding up badly delayed sales of soy beans, the latest government data shows, helped by higher global prices and better weather conditions for the ongoing harvest.
Recorded soy sales from the South American nation, one of the top exporters of soy oil and meal, hit 4.2 million metric tons in the first three weeks of May, the government data show, as drier weather helped spur the harvest.
That's already above the full months of April of March when 2.8 million tons and 3.5 million tons of soy were sold respectively. Argentina's soy sales are, however, still running at the slowest pace in nearly a decade.
The May sales, which include agreements up until May 22, take total sales from the current 2023/24 crop to around 36.7% of the expected 49.7 million ton harvest.
Soy prices have also risen in recent weeks, with July futures on the local MATBA-ROFEX index at around $325 per ton on Wednesday, well above the $290 per ton range in March and April.
Argentina: slow soy sales https://reut.rs/3UP6rHs
Argentina: slow soy sales (Interactive graphic) https://reut.rs/3V46Yqn
Reporting by Maximilian Heath; Writing by Adam Jourdan;
Editing by Alistair Bell
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