Argentina’s gross soybean harvest this season could be one of the lowest in 15 years. A severe drought in the country is hampering the development of oilseed crops, and industry analysts are beginning to lower their initial crop estimates not only for soybeans, but also for corn.
12 million tons lower than…
Thus, representatives of the Rosario Grain Exchange in their January report estimated the production of South American oilseeds at 37 million tons, which is 12 million tons lower than the December estimate. At the same time, experts do not exclude further downward adjustments. This season, 16 million hectares of soybeans were sown in Argentina, which is 1.1 million hectares lower than predicted.
“These changes were due to a reduction in sown areas and losses of oilseed crops due to severe drought,” the materials say.
Indicators for grain are also declining – by 10 million tons, to 45 million tons. The estimate of the area under the crop was reduced from 7.9 to 7.3 million hectares, which is due to severe drought.
According to experts of the Grain Exchange of Buenos Aires, the gross harvest of South American oilseeds last season amounted to about 43.3 million tons against 46 million tons a year earlier. The average yield was at the level of 2.79 t/ha – one of the lowest results for the country in the last 5 years.
Argentina is the world’s largest exporter of soybean oil and meal, as well as one of the key suppliers of soybeans to foreign markets.
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