June 9, 2023


Argentina's soybean harvest seen down at 21 million metric tonnes



Argentina's ongoing soybean harvest is nearing completion, and the total production is projected to reach a mere 21 million metric tonnes, according to the Buenos Aires Grains Exchange, MarketScreener reported.


This figure represents a significant decrease from previous years for Argentina's primary cash crop.


As the world's leading exporter of processed soybeans and a significant supplier of wheat and corn to global markets, Argentina has been grappling with a historic drought that began last year. This drought has led to a sharp reduction in expectations for the 2022/2023 harvest.


A Buenos Aires Grains Exchange report said that the soybean harvest is nearly 94% complete. As the soybean crop wraps up, corn harvest activity is expected to intensify. The report said that approximately one-third of the planted corn has already been threshed, and the total production for the cycle is estimated to reach 36 million metric tonnes.


Meanwhile, delays in wheat planting for the upcoming 2023/2024 harvest have occurred due to recent rainfall in Buenos Aires province, a crucial agricultural region. The grains exchange reports that the wheat crop is anticipated to amount to 18 million metric tonnes.


Currently, approximately 20% of the designated 6.3 million hectares (15.6 million acres) for wheat cultivation have been sown by Argentina's wheat farmers, as indicated by the exchange's data.


-      MarketScreener

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