Argentine companies warn of $20 billion loss from drought

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. . 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 ...