Buenos Aires Exchange cuts projections for Argentine soybean crop due to adverse weather

The frosts registered recently in parts of the agricultural area of Argentina generated additional losses to the soybean crop in the country. Therefore, the Buenos Aires Cereals Exchange cut its projection for the country’s production to 33.5 mln tons, down 4.5 mln tons. According to the report, besides the frost, the combination of lack of rain and high temperatures in most of February keep damaging plants. With no forecast for rain in the short term, the numbers have been readjusted. The water deficit affects 71% of crops, against 67% last week and 41% a year ago. Crop conditions are divided into excellent and good (3%), normal (37%), and fair or poor (60%). Last week, they were 9%, 35%, and 56%, respectively. At the same time last year, only 25% of crops were in poor conditions. The weekly survey released on the 23rd by the Ministry of Economy of Argentina, through the Secretariat of Agriculture, Livestock and Fisheries, indicated that soybean sowing in Argentina in the 2022/23 ...