Argentina cuts 2022/2023 soy crop forecast on drought effects

The Buenos Aires grain exchange on Thursday, May 18, lowered its estimate for Argentina’s 2022/23 soybean crop to 21 million tonnes, via-a-vis the previous estimate of 22.5 million tonnes, after a severe drought hit the country’s agricultural areas.

According to the exchange’s weekly report, farmers experienced substantial losses in the available area for harvesting second-season soybeans. The report highlights that the country’s farmers harvested only 69.2% of the area dedicated to cultivating the oilseed.

The exchange maintained its estimate for 2022/23 corn production at 36 million tonnes, still well below the 50 million tonnes harvested in the previous season.

Source: Money Times

To read the original news report, see: https://www.moneytimes.com.br/seca-maltrata-soja-da-argentina-e-pais-corta-previsao-para-safra-2022-2023/

Sharing is caring!