Argentina will significantly increase soybean production in 2023/24 MY – forecast

Argentine agricultural producers can increase soybean production in the season-2023/24 almost 1.5 times – from 20 million tons in 2022/23 MY to 48 million tons. This forecast was released by specialists of the Rosario Grain Exchange.

In addition, it is expected to expand sown areas under oilseeds by 6% – up to 17 million hectares. The start of field work in the country is scheduled for October this year.

It should be noted that experts also expect a significant increase in the South American corn crop in the new season – up to 56 million tons (in 2022/23 MY – 34 million tons).

“At the same time, the planted area of the grain is not likely to change significantly from last year’s figure due to high costs combined with uncertainty about fertilizer availability. Field work will probably start in September,” the exchange said.

Tags: soybean, Argentina, crop forecast