Agri Business Argentina

Heatwave Triggers Forecast Cut for Argentina’s Key Crops

By RT Staff Reporters · February 21, 2024 · 1 min read

The Rosario Board of Trade has revised Argentina’s 2023/24 soybean and corn harvest forecasts to 49.5 million tons and 57 million tons, respectively.

This adjustment follows a heatwave that impacted crops between late January and early February, marking a reduction from initial estimates.

Despite this setback, Argentina’s agricultural sector stands poised to achieve its second-best historical harvest.

In 2024, the sector is expected to contribute an additional $10 billion, a 65% volume increase from the previous campaign.

This near-record harvest underscores agriculture’s pivotal role in Argentina’s economy, with projected exports nearing 100 million tons for the 2023–24 cycle.

Heatwave Triggers Forecast Cut for Argentina's Key Crops — Heatwave Triggers Forecast Cut for Argentina’s Key Crops. (Photo Internet reproduction)

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Favorable global prices for agricultural commodities buoy this optimistic outlook.

In addition, anticipate soybeans leading export revenues, with substantial recoveries expected in the corn and wheat sectors.

Grain and agricultural product exports are poised to make up 45% of Argentina’s projected $75 billion exports in 2024.

The upcoming season faces economic challenges amid electoral uncertainty, yet the agricultural industry is hopeful, especially with a favorable “El Niño” forecast.

However, farmers aim to cultivate 27.4 million hectares for summer crops, ensuring a substantial harvest, primarily in soy and corn.

Argentina’s agricultural potential is vast, with projections suggesting 155 million tons by 2032/33 or 188 million tons with policy improvements.

In short, addressing these policy challenges is crucial for realizing the full potential of Argentina’s agricultural sector.

Live Market IntelligenceBrazil — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Brazil — Live Market Board

B3 · São Paulo
Jul 30, 2026 · 11:53

Ibovespa · benchmark

174,421.63
+0.31%

L 173,885day rangeH 175,295

+30.74% over 12 months

Market breadth · 15 names

80% advancing

12 ▲ advancing3 declining ▼

Currencies, rates & key inputs

USD / BRL

5.07

-0.95%

EUR / BRL

5.84

-0.15%

Selic rate

14.25%

·

Brent crude

89.73

-1.11%

Iron ore

161.91

·

Sector heatmap · average move today

Industrials

+1.88%

WEGE3, RENT3

Utilities

+0.97%

ENEV3

Financials

+0.35%

ITUB4, BBDC4, BBAS3, B3SA3

Consumer Disc.

+0.25%

AZZA3

Energy

+0.22%

PETR4, PRIO3

Materials

+0.17%

SUZB3

Mining

+0.10%

VALE3, CSNA3, GGBR4

Consumer Staples

-2.77%

ABEV3

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil
174,421.63
+0.31%

S&P/BMV IPCMexico
66,475.94
-1.23%

S&P IPSAChile
10,935.89
+0.52%

S&P MERVALArgentina
3,297,051
+1.98%

MSCI COLCAPColombia
2,311.69
+0.30%

BVL S&P PerúPeru
57,107.38
—

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
IBOV	174,421.63	+0.31%	+30.74%	173,885.34	175,295	173,885	—
USD/BRL	5.07	-0.95%	-9.06%	5.12	5.12	5.06	—
SELIC	14.25%		—	—	—	—	—
PETR4	42.08	+0.19%	+28.38%	42.00	42.20	41.82	5,101,500
VALE3	75.10	+0.07%	+39.49%	75.05	76.56	74.61	6,949,800
ITUB4	42.40	+1.39%	+24.53%	41.82	42.45	41.83	2,192,600
BBDC4	18.13	-1.20%	+15.71%	18.35	18.17	17.72	25,107,300
BBAS3	20.85	+0.34%	+4.72%	20.78	20.98	20.78	2,341,500
B3SA3	15.45	+0.85%	+21.10%	15.32	15.52	15.31	16,526,600
ABEV3	15.46	-2.77%	+17.57%	15.90	15.62	15.12	30,908,400
WEGE3	46.65	+2.21%	+26.62%	45.64	46.71	45.81	1,028,700
PRIO3	58.55	+0.24%	+37.17%	58.41	58.65	57.91	856,700
SUZB3	42.37	+0.17%	-18.92%	42.30	43.00	42.15	906,800
RENT3	38.02	+1.55%	+6.72%	37.44	38.18	37.55	1,089,200
AZZA3	16.19	+0.25%	-55.91%	16.15	16.35	16.10	591,900
CSNA3	5.17	-0.58%	-35.01%	5.20	5.30	5.08	6,062,500
GGBR4	24.99	+0.81%	+47.17%	24.79	25.00	24.48	963,800
ENEV3	26.12	+0.97%	+91.85%	25.87	26.33	26.03	1,115,500

Largest moves today

ABEV3
15.46
-2.77%

WEGE3
46.65
+2.21%

RENT3
38.02
+1.55%

ITUB4
42.40
+1.39%

BBDC4
18.13
-1.20%

ENEV3
26.12
+0.97%

USD/BRL
5.07
-0.95%

B3SA3
15.45
+0.85%

The session read

The Ibovespa rose 0.31%, with breadth positive — 12 of 15 names higher. Industrials led, while Consumer Staples lagged.

From The Rio Times

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