February 10, 2023

Argentina's upcoming soybean harvest likely lowest in 14 years

The Rosario grains exchange (BCR) has slashed Argentina's 2022/23 soybean harvest estimate from 37 million tonnes to 34.5 million tonnes, which would mark the country's lowest soybean production in the last 14 years, Nasdaq reported.

Argentina is the biggest exporter of soybean oil and soymeal in the world, but its 2022/23 crop has been severely impacted by a drought that started in middle of last year.

The BCR said in its monthly grains report that the area of losses has been strongly adjusted, particularly in second-class soybeans, as predicted in January, adding that 1 million of the 16 million hectares planted with soybeans will not be harvested due to poor plant condition.

The corn harvest forecast in the report was also reduced from 45 million tonnes to 42.5 million tonnes.

The exchange noted that there are high levels of discouragement in the sector, as no significant rains are projected for the next 10 to 15 days amid a new heat wave.

-      Nasdaq