Argentine soybean output forecast to Decline for MY 2022/23

Argentina's soybean production is expected to decline due to a long-lasting drought that has affected many of its agricultural areas. The latest world agricultural supply and demand estimates by the US Department of Agriculture, released on April 11, 2023, indicate that soybean production for the 2022-23 marketing year in Argentina is expected to be 27 million tons, representing a 38% decrease from the previous year. The Buenos Aires Grain Exchange (BAGE) and Rosario Grains Exchange have also forecasted lower soybean production figures for the same marketing year, with BAGE predicting 25 million tons and Rosario Grains Exchange anticipating 23 million tons. Similarly, Agpulse predicts a lower soybean production figure of 25 million tons for the marketing year due to the adverse impact of hot and dry weather conditions.