Argentina will increase soybean production to 50 mln tonnes in 2023/24 MY – forecast

Argentina’s soybean production in the season-2023/2024 is estimated at 50 million tons, compared to 21 million tons in the previous season, according to the Buenos Aires Grain Exchange.

The South American region is a leading exporter of processed soybeans, as well as a major supplier of corn and wheat, but a historic drought led to a sharp decline in yields last season.

In a report, the exchange said it expects wheat production in the 2023/24 season to reach 16.5 million tons, up from 12.2 million tons produced last season.

It also says that the 2023/24 corn harvest is projected at 55 million tons, up from 34 million tons seen in the previous season.

Tags: Argentina, crop forecast, soybean