At least 11 million tons of additional soybeans will be on the market between now and May as Argentinian farers will be forced to sell their hoarded soybeans in the face of the next harvest and tax bills in March. Farmers in the country have been hoarding soybeans to protect themselves against the country’s rampant inflation and to use as a more reliable alternative currency. Argentina’s upcoming soybean harvest is expected to be 53 million tons – up from a previous harvest of 48.5 million tons. The local soybean crushers which have been working at 50% capacity will begin picking up again as farmers will need to sell 20% of their 2014 soy crop to pay for production costs that they cannot pay for in soybeans. Years of erratic policymaking have crippled the Argentine economy. President Cristina Fernandez is prohibited from running again in upcoming elections because of term limits, leading many to believe that the country may elect a more investment-oriented candidate in 2015.
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