Argentina Soy Crop Could be Smallest on Record

USAgNet - 03/24/2023

A drought of biblical proportions in Argentina is showing no signs of letup, with soybean plants getting baked to a crisp on the Pampas farm belt.

The Buenos Aires Grain Exchange has slashed its forecast for the crop by another 14 percent to 25 million metric tons, which would be the smallest harvest since it began keeping records in 2001. The figure is also the lowest yet among other top prognosticators.

"The dryness combined with high temperatures continues to cause yield losses across a large part of the farm region," exchange analysts, led by Cecilia Conde, wrote in a report.

Argentina is enduring its ninth heat wave of the growing season, when the norm is for three or four, compounding its third straight La NiƱa-fuelled drought.

For a measure of just how atrocious this season is, the exchange highlighted that average production in recent years was 80 percent higher at 45 million tons. With the drought nullifying agricultural technology gains over the past two decades, yields are also on track for a record low.


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