Decrease in Corn and Soybean Income in Argentina During 2022

In 2021, corn generated exports of more than USD 9B in Argentina, and oilseed complex exports reached USD 23B. The new harvest will have a 5% drop in the corn planting area than the 7.9M hectares initially forecasted. La Niña drought caused a yield drop of 20%, reflecting 15M tons less. As for soybeans, the estimated area of 16.8M hectares was reached, although production would decrease by 20% due to La Niña. The income projection for corn and soybeans shows a drop of USD 6.6B, out of which a drop of USD 3.9B corresponds to cereal and USD 2.7B for oilseeds.