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Argentina cuts soybean crop forecast due to drought

Argentina’s rural entity Sociedad Rural (SRA) has urged the national government to accelerate the reduction in duties on soybean exports to help producers.

Soy crops

Argentina’s soybean crop is expected to decline to 38 million tonnes following hot and dry weather this year, International Grains Council senior economist Darren Cooper said on Wednesday.

“We’ve had to downgrade the crop forecast by 18 million tonnes, from 56 to 38 (million tonnes) in the space of six months – it’s just going in one direction,” Cooper told a UN Commodities Conference.

Cooper said the lower forecast for the 2017/18 crop would be included in the IGC’s monthly report, which is due to be published on Thursday.

The forecast is broadly in line with one issued by Argentina’s agriculture ministry last week of 37.6 million tonnes, following a prolonged drought.

The IGC had forecast Argentina would produce 43 million tonnes in its last report on March 22, while the US Department of Agriculture’s most recent forecast is 40 million.

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