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Argentine exporters settle $94.2 million in soy dollars, compared to $151 million last Friday. Last week, Argentine exporters settled a total of $445 million through the soy dollar exchange rate, up from $418 million the previous week. The Argentine government implemented a special exchange rate of 300 pesos per dollar between April 10th and May 31st to boost soybean sales and increase foreign exchange reserves. However, sales were significantly lower than the previous two rounds due to a sharp decrease in Argentine soybean production and a rapid depreciation of the peso exchange rate. In the first four months of this year, Argentina’s cereal and oilseed export value decreased by $8 billion compared to the same period last year.
