Argentina's agricultural exports have reached a record high due to rapidly increasing prices in the international trade.
Argentina's CIARA-CEC chamber of export companies announced that the country broke a record in agricultural exports with almost 10 billion dollars between January and April. The previous record was around 8.5 billion dollars for the same period five years ago.
CIARA-CEC also announced that the idle capacity for the country's grain processing industry dropped to 38%-41% in January to March 2021, following a record high in soybean milling in March when 3.39 million tons of soybean were processed, Reuters reported.
The economic instability of the Argentine peso and high inflation in the country has resulted in many farmers hoarding crops this year, as stockpiling corn and soy is more profitable when compared to saving in the depreciating local currency.
Argentina's Ministry of Agriculture declared that their farmers have sold 16.4 million tons of soybeans in the 2020/2021 season, with deals for 869.200 tons registered over the last week.
Based on official data, 20.8 million tons of soybeans were sold during this same point in 2020.
The government also said 24.5 million tons of 2020/2021 corn has been sold, 850,000 tons more compared to the same period last year.