Grains

Argentina cuts 2022/2023 soy crop forecast on drought effects

May, 19, 2023 Posted by Gabriel Malheiros

Week 202323

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/

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