Argentina 2022/23 soy crop to shrink 42% from previous cycle

The Safras & Mercado consultancy revised Argentina’s soy production estimate for 2022/2023 MY to 24.8 million tonnes, up from the previous forecast. The forecast for March was 31.4 million tonnes.

The update projection points to a drop of 6.6 million tonnes in Argentine soy production. Last cycle, production totaled 43 million tonnes.

As a result, the reduction represents a 42% decrease compared to the same period the previous year. The planted area for the 2022/2023 market year was 16.305 million hectares.

This figure is in line with the 2021/22 harvest acreage. However, the harvested area for the 2022/2023 harvest was revised to 13.643 million hectares from 15.156 million hectares in March.

“New harvested area losses were recorded because the crops did not develop well and were unable to flower or grow pods to begin grain filling,” said Bruno Todone, an analyst at Safras & Mercado.

The most affected area continues to be the Pampas region, with yields that show a very sharp drop compared to past results.

Source: MoneyTimes

To read the original news article, please see: https://www.moneytimes.com.br/soja-argentina-quebra-42-ciclo-passado/

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