Argentina’s soy crop forecast cut again as extreme weather bites

Argentina’s 2022/2023 soybean crop is estimated at 33.5 million tonnes, down from 38 million tonnes previously forecast, a major grains exchange said on Thursday, as drought, a recent heat wave and early frosts have taken their toll on the key cash crop. The new estimate marks the third cut the Buenos Aires grains exchange has issued for soybean production, which at the beginning of the season was estimated at 48 million tonnes. The drought hitting Argentina’s agricultural sector is the worst in the past 60 years, according to the Rosario grains exchange. In some producing areas, the lack of significant rainfall dates back to last May. The exchange has also cut its estimate for 2022/23 corn production, seen at 41 million tonnes, down from 44.5 million tonnes previously forecast. Argentina is a major global grains exporter, but farm production has been severely hit by the drought, as well as a recent heat wave and early frosts, crucial for plants that are still developing. ...