Argentina’s stock market downgrades grain crop projection
By Artur Piva
The Rosario Stock Exchange in Argentina has reduced the estimates for corn and soybean harvests, the main crops of the local grain harvest.
Added to the two products, the cut reaches 11% over the previous forecast.
According to the Argentine Stock Exchange, the combined harvest of the two grains will be 55 million tonnes.
Previously, the forecast was 62 million tonnes.
From the estimates, 4 million tonnes were removed from the soybean harvest and 3 million tonnes from the corn production.
Besides this, the most current projections on the institution’s website show that the 2023 harvest of these grains will be 40% lower when compared to the previous one.
According to the figures, there will be almost 40 million tonnes less.
The country is going through an unprecedented water crisis caused by a drought.
The lack of rain hampers local agriculture.
Another crop that suffers from the problem is wheat, whose harvest should result in half the production of the previous cycle, forecast at 11.5 million tonnes.
Adding the three crops together, the projection shows a production of 66 million tonnes for 2023.
Thus, the figure is 43% lower than the previous year’s result, according to the projections of the Argentina Stock Exchange for the current grain crop.
With information from Revista Oeste
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