Saturday, April 1, 2023

Argentina soybean crop under threat

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Because of the ongoing drought

Argentina soybean crop under threat

Argentina has to fear half of its soybean harvest due to persistent drought: 10.7 million tons instead of 19.7 million tons of soybeans are expected, said the Argentine grain exchange Rosario on Monday.

The drought is affecting the soybean harvest in Argentina. (theme image)

Nationwide, 48 million tons were initially forecast for the coming soybean harvest, now only 35.5 million to 41 million tons are expected. “Even if it was clear that it would be a difficult season because of the drought, this exceeded the worst fears of the producers,” said the grain exchange.

The crop failure means a severe blow to exports and the domestic food supply. Argentina is the world’s largest producer of soybean oil and soy flour.

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