February 27, 2023

 

Argentina's soybean production for 2022/23 expected to drop further

 
 

 

Argentina's Buenos Aires grains exchange said the country's soybean production for the 2022/2023 harvesting season is estimated at 33.5 million tonnes, down from the 38 million tonnes previously estimated, as crops were affected by drought, a recent heat wave, and early frosts, Nasdaq reported.

 

The exchange has reduced its forecast for soybean production three times. It was initially estimated at 48 million tonnes at the start of the season.

 

Argentina is suffering from the worst drought in decades, and in some areas that produce crops, there hasn't been much rain since May of last year.

 

The exchange has also slashed its estimate for corn production in 2022/23, from 44.5 million tonnes to 41 million tonnes.

 

Argentina is a key exporter of grains worldwide.

 

-      Nasdaq

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