Argentina’s Rosario Grains Exchange has cut its 2024/25 corn forecast to 48 million metric tons due to drought, down from 50-51 million tons. Soybean production is also predicted to fall below 53-53.5 million tons. Factors contributing to these reductions include extreme temperatures and lack of rainfall affecting crops.
Argentina’s Rosario Grains Exchange has revised its 2024/25 corn harvest forecast due to ongoing drought conditions affecting the country. The corn production estimate has been reduced to 48 million metric tons, down from a previous range of 50 million to 51 million tons. The exchange attributes this adjustment to extreme temperatures, low humidity, and high solar radiation occurring at a crucial growth period for early corn.
As the third-largest global corn supplier and a leading exporter of soybean meal and oil, Argentina’s agricultural output is pivotal on the world stage. Furthermore, the exchange indicated that the soybean production forecast for 2024/25 has also been diminished. Although no specific figures were provided, the forecast is expected to fall below the earlier estimate of 53 to 53.5 million tons due to recent rainfall shortages impacting yields.
Despite the exchange predicting some rain in the next few days, expectations for the total amount of precipitation remain conservative. The prevailing weather conditions have ruled out previously anticipated high productivity scenarios for both corn and soybeans, posing significant implications for farmers and the agricultural sector.
In summary, Argentina’s Rosario Grains Exchange has substantially reduced its forecasts for both corn and soybean production amid persistent drought conditions. With the corn harvest now estimated at 48 million metric tons and soybean yields expected to decline, the challenges presented by extreme weather underscore the vulnerability of Argentina’s agricultural output. Future rainfall is anticipated, but its limited amount may not sufficiently alleviate current yield concerns.
Original Source: www.agriculture.com
