Argentine companies warn of $20 billion crop loss from drought and frost

Published Mar 3, 2023

Tridge summary

A severe drought and mid-summer frost have led Argentine agricultural companies, represented by the CREA consortium, to lower their forecasts for this season's soybean and corn crops. The country, a major exporter of oil, soybean meal, and corn, is expected to see a soybean harvest of 31.2 million tons, down from 50 million tons, and a corn harvest of 38.6 million tonnes, down from 55.2 million tonnes. These reductions could result in agricultural losses costing the country over $20 billion.

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Original content

BUENOS AIRES (Reuters) - A consortium of Argentine agricultural companies said on Friday it had lowered its forecasts for this season's soybean and corn crops due to a historic drought and mid-summer frost that the companies warned could cost the country more than 20 billion dollars Argentina, the world's largest exporter of oil and soybean meal and the third largest exporter of corn on the planet, was hit by a severe drought, described by the Rosario grain exchange, in the province of Santa Fe, as the worst in 60 years. “Argentina is on track to lose more than 20 billion dollars this year due to agricultural losses caused by a climate disaster that has affected most productive regions with drought and frost,” the CREA consortium said in a report. CREA expects a soybean harvest of 31.2 million tons for the 2022/23 season, below the initial forecast of 50 million tons, it said in a statement. Corn growers are expected to produce 38.6 million tonnes for the season, compared with an ...

Source: Mixvale