Anticipated soybean harvest in Argentina drops even lower, says stock exchange

The Rosario Stock Exchange has reported that Argentina’s 2023 soybean harvest is now projected to be even smaller, concluding at 20.5 million tons.

This estimation, released on Wednesday 14th, is a decrease of 1 million tons from the previous forecast.

For Argentina, the Rosario Stock Exchange serves as one of the key trading posts. A severe drought has adversely impacted this year’s soybean crop.

If the predictions hold, Argentina’s soybean output will be less than half of its yield from the previous season. Last year, Argentina harvested 42 million tons of the crop.

The nation is one of the top global producers of soybeans, with its performance exceeded only by the United States and Brazil – the current world leader. However, the yields from these leading nations far surpass Argentina’s.

The United States anticipates a harvest nearing 120 million tons this year, while Brazil’s farmers are projected to produce close to 160 million tons – approximately eight times the anticipated Argentine yield.

The U.S. Department of Agriculture predicts an increase in Argentina’s soybean imports despite the domestic crop reduction.

As per the department, Argentina’s purchases are expected to rise from just under 4 million tons in the previous cycle to nearly 9 million tons.

The soybean grain is extensively utilized in various industries, ranging from human consumption to animal feed for food production.

For instance, it is a common component in poultry farming. Annually, the country produces and consumes slightly over 2 million tons of chicken meat.

As a consequence of the dwindling soybean harvest, Argentina’s export of oil derived from the grain will also decrease.

The anticipated reduction is 1 million tons, bringing down total shipments to 3.8 million tons.

More: Argentina news in English, every day from The Rio Times.

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