BUENOS AIRES, ARGENTINA — Argentina saw a 5% increase from July in its cash flow from grain exports to $3.4 billion, Reuters reported.
The nation is trying to increase its flow of foreign currency to rebuild central bank reserves.
The value of dollars from farm exports rose 11% year over year in August to a historic record of $25.7 billion for the year, according to CIARA-CEC, the oilseed and grain industry export chambers.
Grain exporters are required to convert earnings in dollars to the local peso currency. Argentina has strict currency controls to preserve scarce reserves, Reuters said.
CIARA-CEC said grain exports have been impacted by negative weather effects on the bulk harvest as well as a volatile economy and exchange market.
"This has deepened the idle capacity of the soybean crushing industry, which continues to work with negative margins even in the middle of the harvest season and which is leading to production shutdowns," it said.