Drought badly affects Argentina’s soybean crops. The gross yield for the 2022/23 season was 21 million tons, down 51.5% from the previous year. That’s according to analysts at the Buenos Aires Grain Exchange, who note that the current figure is the lowest in more than 20 years.
“Drought, combined with high temperatures recorded in the central agricultural regions of the country for most of the planting cycle, led to losses,” the exchange said in a statement.
Oilseed yields in the country sagged by 45% at once, to the lowest result in 10 years, at 15.4 cwt/ha, the materials said.
“The drought will lead to a total loss of about $20 billion, which is almost three percent of Argentina’s gross domestic product,” according to the country’s authorities’ estimates.