Soybean production in Argentina for the 2022/23 marketing year suffered a 43% drop compared to the previous year, according to recent estimates from the United States Department of Agriculture (USDA). Production is now projected at 25 million metric tons (t), down 7% from last month's estimate.
The drop in soybean production is attributed to a combination of adverse weather conditions and environmental factors. Soybean yield is estimated at 1,67 tons per hectare (t/ha), a drop of 7% compared to last month and 40% compared to the 2021/22 harvest.
The harvested area also suffered a reduction, estimated at 15 million hectares, remaining unchanged compared to last month, but 6% lower than in 2021/22.
Argentina, one of the world's largest soybean producers, has been battling dry and hot conditions during the growing season, caused by the third consecutive year of the La Niña weather phenomenon.
In early June, the Bolsa Cereales in Buenos Aires reported that the harvest was 87% complete and national production was at 1,5 t/ha. Reports published by the Argentine Ministry of Agriculture also indicate a month-to-month reduction in soybean production.
Harvesting continues over the next few days, but the outlook for soybean production in Argentina remains bleak. The drop could have significant implications for the Argentine economy, which relies heavily on soybean exports.
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The reviewer understood that the purchase and sale consists of "merely replacing an economic agent", which would not require "a more in-depth analysis of the markets involved"
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