Foreign media March 1 news: The U.S. Department of Agriculture (USDA) Agricultural Counselor in Buenos Aires released a report saying that Argentina’s soybean production forecast for 2021/22 was lowered to 41 million tons, more than the USDA’s forecast. Official estimates were 4 million tonnes lower.
While January rains helped prevent further yield losses, hot, dry weather in Argentina’s main agricultural producing regions from December to early January caused considerable damage and depleted soil moisture reserves.
Argentine soybean imports are expected to be limited to 2.2 million tonnes, less than half of what they imported in 2020/21, as dry weather also affects soybean production in neighboring Paraguay.
Argentine soybean crushing will slow in the first half of 2022 due to reduced supplies due to lower production and imports, coupled with slow farmer sales.
The Agricultural Counsellor expects Argentina’s soybean crush to be 39.4 million tons in 2021/22, in line with the USDA’s official forecast; soybean exports will be reduced to 3 million tons, 700,000 tons lower than the USDA’s official estimate.