Argentina’s soybean crop will reach 51 million tons next season – forecast

Argentine farmers can harvest about 51 million tons of soybeans in the 2024/25 season, forecast experts of the Foreign Agricultural Service of the US Department of Agriculture (FAS USDA). According to their estimates, the volume of gross harvest of the oilseed for the year will grow by 1 million tons and more than double relative to the level of 2022/23 MY (25 million tons).

According to experts, local farmers will expand soybean acreage by almost 8% to 17.8 million hectares in the coming agricultural year. At the same time, processing of beans is expected to grow by 1 million – up to 40 million tons.

Argentine soybean meal and oil production for MY 2024/25 is estimated at 31.2 million tons and 7.9 million tons, respectively. Exports are 27 million tons and 5.3 million tons, respectively.

However, in FAS USDA expects a decline in sunflower harvest in the country in the new season to 3.7 million tons from 4.1 million tons in MY 2023/24. The decline, according to experts, will be due to the negative impact of the La Niña weather phenomenon.

Tags: soybean, Argentina, crop forecast