Argentina’s soybean production in MY 2023/24 will be 49.6 million tons – forecast

Soybean planted area for the 2023/24 season in Argentina totaled 17.2 million hectares, up from the 16.8 million hectares that Safras & Mercado indicated in its first estimate in August 2023.

Analysts forecast national production at 49.6 million tons, higher than the 48.50 million tons projected in August 2023.

Safras & Mercado analyst Bruno Todone explained that the adjustment in occurred thanks to a very good start to the campaign, which encouraged producers to move forward with a larger area than originally estimated.

Thus, about 400 thousand hectares of planted area have been added, which in percentage terms shows an increase of about 3% compared to the previous estimate.

Tags: soybean, Argentina