Mumbai, 12 May (Commoditiescontrol): Argentina’s Rosario Grains exchange has revised its forecast for the current soybean harvest once again, as a severe drought continues to hit the country’s top crop. The exchange’s monthly report indicates that the estimate for the 2022/2023 soybean harvest has been reduced by 6.5%, from 23 million tonnes to 21.5 million tonnes.
Argentina is known to be one of the largest exporters of processed soybeans worldwide. However, the current season has been significantly impacted by harsh weather conditions, which has led to substantial losses for both farmers and the government.
The exchange has cited an unprecedented frost in February, a lack of water, and intense heat as the main reasons for the reduced harvest. These factors are all taking a toll on the soy harvest, particularly with the untimely frosts that occurred in the middle of the southern hemisphere's summer.
The report reveals that farmers have managed to harvest 54% of the 16 million hectares (39.5 million acres) planted so far. The soybean harvest in the previous 2021/2022 season was much higher, reaching 42.2 million tonnes, nearly double the current estimate.
Despite the challenging circumstances, the exchange’s forecast for the 2022/2023 corn crop remains at 32 million tonnes, but this is still below the previous season's harvest of 51 million tonnes.
In addition to the soybean harvest, the exchange also highlights below-normal rainfall, which is limiting the expansion of the area sown for the upcoming 2023/2024 wheat crop. The exchange warns that planting intentions in many of the Pampas regions are limited, which is a significant area for wheat-growing.
The Buenos Aires grains exchange also warned that the El Niño weather phenomenon is unlikely to bring heavy rains to Argentina's main agricultural areas before September. This means that the drought-hit soil will likely take time to recover, causing further challenges for farmers and the government.
(By Commoditiescontrol Bureau; +91-9820130172)
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