Farmers in both Brazil and Argentina have been slow sellers of their 2021/22 grain production, but for distinct reasons. In Brazil, sales have been slow because of recent price declines. In Argentina, sales have been slow because farmers are using their grain to hedge against inflation and further currency devaluations.
BRAZIL
According to the consulting firm Datagro, as of July 8, Brazilian farmers had sold 76.7% of their 2021/22 soybean crop compared to 80.2% last year and 78.8% on average. This represents an advance of 6.8% for the month.
For the 2021/22 safrinha . . .
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