Argentine companies warn of $20 billion loss from drought
Maize (Corn)
Soybean
Argentina
Published Mar 6, 2023
Tridge summary
A consortium of Argentine agricultural companies said on Friday they had lowered their forecasts for this season's soybean and corn crops due to a historic drought and midsummer frosts, which they warned could cost the country more than $20 billion. .
Original content
Argentina, the world's largest exporter of soy oil and meal and the third largest exporter of corn, has been 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 US$20 billion 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 estimated 55.2 million tonnes six months ago. The latest estimates mean that Argentina would produce 38% less soybeans and 30% less corn than initially forecast. ...
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