Higher soybean prices trigger Argentina forward sales

Farmer selling of Argentinian soybean sped up during March, reaching 13.7 million mt by March 21, according to official data released Wednesday, as higher prices made for more attractive margins.

The biggest leap was seen in sales to processors, which now amount to 9.2 million mt.

That compares with just under 6 million mt at the same time last year, data from the ministry of agricultural industry showed.

The remaining 4.5 million mt was sold to exporters, just under the 4.6 million mt that was achieved this time last year.

Estimating the crop at 40 million mt, accumulative sales this year currently stand at 33% of the expected harvest, compared with 19% sold at the same point during the past campaign.

Bean sales are ahead of last year's levels despite the fact that the crop has been scorched by one of the worst drought in the last two decades, slashing its size by an estimated 30% year-on-year.