Argentina soybean sales drop by 85% in October: BCR

Argentina's average daily sales of soybeans dropped by 85% in October when compared to the level seen in September, Rosario Grain Exchange (BCR) said.

From September 5 to September 30, the average sales per day was 202,000 mt, while from October 1 to 12, the volume dropped to 31,000 mt.  

Up until last Thursday, domestic sales of soybeans under the soy dollar 4 preferential exchange rate scheme amounted to 4.9 million mt.

According to BCR, sales declined in October due to the low availability of soybeans, as only 3.4 million mt are left to be traded, with 77% of the 2022/23 crop sold.

At the same time last year, 73% of the 2021/22 crop has been sold, while the average for the past five crops was 69%.

“On the other hand, the economic and political ups and downs of the last few weeks have increased uncertainty regarding the cost of inputs and rents, among others, at a time when producers are finalizing their sowing plans for the new season,” BCR said.

The presidential elections are scheduled for next Sunday, October 22.  

As the new crop is beginning, the water deficit continues to affect large productive areas, along with early frosts this week.