Analysts of the Rosario Grain Exchange (BCR) once again lowered their forecast for the soybean crop in Argentina in my 2022/23 – by 0.5 million tons compared to the previous figure, to 28.8 million tons, which could potentially become the smallest volume of oilseed production for the country in the last two decades.
As noted, the potential of production continues to be negatively affected by severe drought in the country.
In this regard, experts also raised their forecast for soybean imports to Argentina this season by 0.5 million tons to 10 million tons.
It is also reported that in the first 4 days after the restoration of the preferential exchange rate (“soybean dollar”), Argentine farmers sold only 441.75 thousand tons of soybeans, while for the same period in September and November 2022 (when the government also introduced a similar program), sales of oilseeds amounted to 3.1 million tons and 1.1 million tons, respectively.
Source: Apkinform