Climatic phenomena have affected the main agricultural regions of the neighboring country.
Drought and frost could cause $20 billion in damage to Argentina’s crop. This is the estimate of a consortium of farms in Argentina, according to a report published this Friday (03).
The survey reduced the forecast for the vintages of soybeans and corn this season, due to a historic midsummer drought and freeze. These climatic phenomena can cost the country more than 20 billion dollars.
Argentina, important player of agriculture and the world’s largest exporter of soybean oil and meal and the third largest exporter of corn on the planet, has been hit by a severe drought. The Rosario Corn Exchange in Santa Fe province described the drought as the worst in 60 years.
“Argentina is on track to lose more than $20 billion this year in agricultural losses caused by a climate disaster that has hit the most productive regions with drought and frost”, says the CREA consortium in a report. CREA is a non-profit civil association composed and directed by entrepreneurs in the agricultural sector.
The entity expects a soybean harvest of 31.2 million tonnes for the 2022-23 season, below its initial forecast of 50 million tonnes, a statement said.
You corn farmers it is expected to produce 38.6 million tons for the season, up from an estimated 55.2 million tons six months ago.
The latest estimates indicate that Argentina would produce 38% less soybeans and 30% less corn than originally forecast. CREA said forecasts could be revised further downwards in the coming weeks.
The Buenos Aires grain exchange said on Thursday it would further reduce its current soybean harvest forecast by 33.5 million tons in the coming weeks, without saying by how much.
🇦🇷🚜🌾🪧— Argentinian farmers protest tax and currency policies as drought weighs heavily
Farmers in Argentina staged a protest in Santa Fe province on Tuesday to demand lower taxes and a better exchange rate for their exports, in… https://t.co/mRhY3Uupx2 pic.twitter.com/Trvp0NVTpa
—OnePaul (@OnePaul87) March 1, 2023
Source: Terra
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