Argentina's Soybean Price Plummet 34.56% YoY Amidst Global Supply Surge

In Feb-24, Argentina's soybean prices dropped by 34.56% YoY and 6% MoM, reaching USD 0.31/kg. This drop follows a downward trend from a peak of USD 0.59/kg in Dec-23, attributed to an anticipated higher harvest volume for the 2023/24 season and bearish international market conditions, resulting in a projected Gross Production Value (GPV) of around USD 20.5 billion, slightly lower than the previous average. Adjustments in production estimates have further contributed to a 16% decrease in the VBP of soybeans, with expectations of below-average returns compared to previous campaigns.