SAGyP lowered its estimate of sunseed production in Argentina

In February, Argentina experienced a significant increase in soybean processing, with volumes reaching 2.35 million tons, marking a 10.5% rise from the previous month's 2.13 million tons, as per the Secretariat of Agriculture, Livestock and Fisheries (SAGyP). Despite this positive trend in soybean processing, the country faces a downward revision in its sunseed production forecast for the marketing year (MY) 2023-2024, now expected to be 4.4 million tons, a 2.2% decrease from the earlier forecast of 4.5 million tons. Furthermore, BASE has also reduced its seed crop forecast to 3.6 million tons, which is not only 200,000 tons less than its previous estimate but also 1 million tons below the 2022/23 crop, indicating a potential challenge in the agricultural sector.