Argentina grains exchange further cuts soy, corn forecasts

Argentina’s Rosario grains exchange on Wednesday further cut its forecast for the 2022/2023 soybean harvest to 23 million tonnes, down from 27 million tonnes previously estimated, as a historic drought pummels the country’s agricultural sector.

The exchange also cut its forecast for Argentina’s corn output to 32 million tonnes, down from the 35 million tonnes previously estimated.

“The March heat wave on top of the drought scenario have resulted in the worst domestic yields over the last 15 crop cycles,” it said in a report.

The world’s top exporter of soy oil and flour and the number three exporter of corn, Argentina has been hit hard by the drought, said to be the worst in 60 years, which began May last year.

When the season began mid-way through 2022, the exchange had forecast soybean and corn harvests of 47 million and 55 million tonnes, respectively.

Source: Money Times

To read the original news report, see https://www.moneytimes.com.br/bolsa-de-rosario-faz-novo-corte-em-projecoes-de-soja-e-milho-da-argentina/

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