BOUNES AIRES: Again attempting to protect themselves from inflation and low international prices of soybean, Argentinean farmers are now holding a stock of 7.4 million tons of the oilseed, to according to the Rural Association of Argentina. This is a jump of 12 compared to last year.
But other sources estimate that the number can be up to 15 million tons. The government, on other hand, pressures farmers to speed up sales in order to receive the export tax.
“The government will create new rules to pressure farmers to sell faster, but considering the uncertainty that they face, they will not speed up sales,” said Ernesto Ambrosetti, chief economist at the Rural Association of Argentina. Currently, the price of soybeans in the South American country is US$ 354/ton. Farmers allege that the stocks are higher because of a record crop.
