Drought-struck Argentina sees fresh cuts to soy, corn forecasts

Mar, 10, 2023 Posted by Gabriel Malheiros

Week 202313

Argentina’s Buenos Aires grains exchange, on March 09, further cut its estimates for the season’s corn and soybean harvests, as a devastating drought impacts the major grains exporter’s main agricultural region.

The exchange now expects a 2022/2023 soybean harvest of 29 million tonnes, down from the 33.5 million tonnes previously estimated. Corn output is now forecast at 37.5 million tonnes, down from previous forecasts of 41 million tonnes.

In a weekly crop report, the exchange said another week of high temperatures was generating additional losses, as well as losses to the size of the area which could be harvested.

Minor harvests would not only harm farmers but the entire Argentine economy, which needs foreign exchange from agriculture to face financial difficulties.

In the previous season, also affected by dry weather, though to a lesser extent, Argentina had produced 43.3 million tonnes of soybeans while corn harvests landed at 52 million tonnes.

Argentina is the world’s top exporter of both soybean meal and oil and the third largest corn exporter.

Source: Money Times

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