Grain Exchange announces new cut to Argentina’s crop estimate this year

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The Buenos Aires Grain Exchange made yesterday, Thursday, a new cut to Argentina’s agricultural crop estimates due to the drought and estimated that the country would lose more than 20 billion dollars in exports this year.

The business entity reduced the soybean production estimate to 25 million tons, representing the lowest level of the oilseed crop recorded since the 2008 and 2009 campaigns.

“The absence of rainfall over the soybean nuclei in the center of the agricultural area, early frosts during mid-February, and above-average average temperatures during critical stages for the definition of yields reduce our soybean production estimate to 25 million tons,” the civil association indicated in a report.

The Buenos Aires Grain Exchange. (Photo internet reproduction)
The Buenos Aires Grain Exchange. (Photo internet reproduction)

The new projection represents a drop of four million tons with respect to the last forecast and a year-on-year decrease of 42.2 percent of the soybean production reported in the 2021-2022 campaign, the entity indicated.

Regarding corn, the entity estimated that 36 million tons would be harvested during the current cycle, representing a year-on-year production decrease of 30.8 percent.

Regarding sunflowers, the Grain Exchange indicated that the current harvest covers 50.8 percent of the suitable area, and the partial accumulated volume is 1.8 million tons.

Estimates for sorghum fell to 3 million tons, 14.3 percent less than the 3.5 million tons harvested during the previous season.

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