Argentina soy output may double in 2023-24

The Buenos Aires Grain Exchange (Bage) forecast that Argentina’s soybean production for the 2023-24 crop year will more than double from the prior crop, amid just an expected 2.3pc increase in acreage.

Bage forecast Argentina’s soy output at 50mn t for the 2023-24 crop year, up from 21mn t produced during the prior year, when the crop was stricken by drought. Acreage planted is estimated to rise to 17.1mn hectares (ha) compared with 16.2mn ha a year earlier. It was Bage’s first estimate for the 2023-24 crop year.

Yields are assumed to recover to more normal levels of 2.92t/ha for 2023-24 compared with 1.3t/ha the year prior.

Due to lower wheat and sunflower area plantings, farmers will have freed up acres that can be devoted to soybeans, according to Bage. It also cited favorable soybean economics compared with the high initial investment required for corn and lower input costs for soybeans as another reason for increased soybean acreage.

Tags: soybean, Argentina