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.
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.