Argentine farmers have sold 37.5 million tonnes of soybeans from the 2020/21 season so far including 261,200 tonnes in the seven days to 12 January, the Agriculture Ministry said on Wednesday.

The rhythm of sales was behind that of the previous season. At this time last year, sales of 38.6 million tonnes of soybeans had been registered, according to official data.

The 2020/21 soybean harvest in Argentina ended in June at 43.1 million tonnes, according to the Buenos Aires Grains Exchange, which estimated the 2019/20 crop at 49 million tonnes, reported Reuters.

Foreign exchange from agricultural exports is essential for Argentina's battered economy, which is only now beginning to grow after more than two years of stagflation exacerbated in 2020 by the COVID-19 pandemic.

Argentine farmers are now planting 2021/22 soy. The grains exchange expects 44 million tonnes to be harvested. Farmers have sold 5.5 million tonnes of grains from that season, as planting reaches its final stages.