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Inflation at 64% Has Argentine Soy Farmers Hoarding All They Can

  • Farmers have sold 11 percentage points less than a year ago
  • Increased crop storage is yet another blow to food supplies
A farmer walks through a soybean field in San Antonio de Areco, Buenos Aires province, Argentina.

A farmer walks through a soybean field in San Antonio de Areco, Buenos Aires province, Argentina.

Photographer: Anita Pouchard Serra/Bloomberg

In Argentina, the top exporter of soybean products, farmers are hanging on to more of their crops than normal to defend against rampant inflation in yet another blow to global food supplies.

Growers have long used hoarding to shield against Argentina’s notoriously volatile economy, especially gyrations in currency and export taxes. But this year, spiraling inflation is exacerbating the dynamic. They’ve sold just 46% of the soy harvest, compared with 57% at the same stage last year, an analysis of government and grain exchange data shows.