Peso Rout Turns Argentine Soy Hoarders Into Sellers: Commodities
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Argentine farmers who hoarded an estimated $4 billion of soybeans are stepping up sales on expectation the peso’s biggest slump in 12 years is over.
Producers more than tripled soybean and grain sales to exporters from Bunge Ltd. to Cargill Inc. last week from the previous week, the exporters’ association said. After the currency plunged to a record on Jan. 30 and then stabilized, farmers shifted strategy as they can earn more pesos for their crops sold in dollars. They’re also anticipating prices for the oilseed to decline, according to growers including Luis Firpo.