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American Focus > Blog > Economy > Argentina farmers focus on harvest over sales despite currency boost
Economy

Argentina farmers focus on harvest over sales despite currency boost

Last updated: April 15, 2025 8:52 pm
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Argentina farmers focus on harvest over sales despite currency boost
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Argentina’s grain industry has reacted positively to the recent exchange-rate overhaul implemented by the central bank. While the loosening of foreign-exchange controls is seen as a step in the right direction, experts caution that immediate sales may not materialize as quickly as hoped due to delays in the harvest schedule.

Late on Friday, Argentina’s central bank announced the relaxation of foreign-exchange controls, a move that has been eagerly anticipated by the industry. This change is accompanied by significant financial support from development banks, including the International Monetary Fund, aimed at boosting agricultural sales, a key source of foreign currency for the country.

Despite these positive developments, soy and corn sales are expected to remain sluggish in the coming week. The Easter holidays are expected to disrupt trading activities, while exporters are hesitant to make significant moves until the peso currency stabilizes. Compounding the situation is the delayed soybean harvest caused by heavy rainfall, further hampering sales efforts.

Analyst Lorena D’Angelo, based in the grains hub of Rosario, notes that producers are currently more focused on harvesting operations than on monitoring the fluctuating exchange rate. The peso has been allowed to float freely within a band between 1,000 and 1,400 pesos per dollar, with midday trading settling around 1,190 pesos per greenback.

Farmers are now working tirelessly to bring in the soy crop during a break in the rainy weather. The looming threat of additional precipitation poses a risk of fungal infections that could impact the overall yield of the harvest. Noelia Castagnini, a farmer from Santa Fe province, emphasizes the urgency of the situation, stating that despite facing challenging conditions, the priority is to complete the harvest.

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President Javier Milei has urged farmers to expedite their sales to take advantage of the current market conditions. The government currently imposes taxes of 26% on soy exports and 24.5% on shipments of derived oil and meal. Milei has hinted that the temporary tax break, scheduled to expire at the end of June, may not be extended.

Federico Zerboni, head of the corn association MAIZAR, highlights the need to monitor market fluctuations before assessing the impact of the weakened peso on grain sales. With grain prices unavailable by midday, industry experts are cautiously optimistic about the government’s decision to stabilize the foreign-exchange market. However, the delayed harvest means that a quick market response is unlikely.

Gustavo Idigoras, head of the grains export and processing chamber, acknowledges the positive intent behind the exchange-rate overhaul but emphasizes that the industry is bracing for a gradual rather than immediate market reaction. The current focus remains on navigating the challenges posed by the delayed harvest and uncertain market conditions.

TAGGED:ArgentinaboostCurrencyfarmersFocusHarvestSales
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