Argentine exchange forecasts soybean harvest at 52 mln tons

Argentina’s soybean harvest, the country’s main cash crop, is estimated at 52 million metric tons for the 2024/25 season, the Buenos Aires Grain Exchange said Wednesday.

The exchange also estimated the South American country’s corn crop for the 2024/25 season at 47 million metric tons and its wheat crop at 18.6 million metric tons.

LSEG has lowered its wheat forecast for Argentina due to unfavorable conditions

Lack of moisture combined with unfavorable heat in the south of Buenos Aires province, Argentina’s main wheat producer, has forced LSEG to cut its 2024-2025 cereal forecast again by 1% to 17.2. million tons.

“Some areas of the Pampa have received some rainfall in the past two weeks, but the overall amount has been generally disappointing, with most of the main producing regions receiving well below average rainfall,” LSEG said in its report.

It also noted that while short-term weather forecasts point to improved prospects for precipitation and cooler temperatures, current low soil moisture conditions are unlikely to recover in the short term, especially in southern Buenos Aires.

“Yield potential is likely to continue to decline as crops enter the critical phases of development: hatching and flowering under severe moisture deficit conditions.”

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Tags: corn, soybean, wheat, Argentina, crop forecast