FAS USDA estimates Argentina’s soybean crop at 52 mln tons

The U.S. Department of Agriculture’s Foreign Agricultural Service (FAS USDA) forecasts Argentina’s MY 2024/25 soybean crop at 52 million tons. The forecast of the service’s Buenos Aires unit is 1 million tons higher than the previous estimate.

Local growers are abandoning corn in favor of soybeans due to concerns about the corn dwarfism epidemic. Low corn prices and expectations of dry weather are also increasing farmers’ inclination to switch to soybeans.

The soybean processing forecast for 2024/25 is increased to 42 million tons on expectations of higher yields and import volumes, mainly from Paraguay, as Argentina’s processing sector continues to recover from several dry years.

USDA FAS also expects sunflower acreage to increase to 1.9 million hectares with a crop of 4 million tons, although growth will be constrained by dry conditions in the north of the country at planting time.

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Tags: Argentina, crop forecast, soybean, sunseed