Argentina grain exchange cuts corn, soybean forecast due to drought

The Rosario grain exchange in Argentina has revised its corn harvest forecast for 2024/25, reducing it from 50-51 million tons to 48 million tons due to ongoing drought. The decrease is attributed to extreme weather conditions, including high temperatures, low humidity, and high solar radiation. The exchange also expects soybean production to be lower than previous forecasts, but no specific figure was provided. The lack of rainfall in Argentina's agricultural region in the last month is expected to further impact soybean productivity.

The Rosario grain exchange in Argentina reduced its 2024/25 corn harvest forecast on Wednesday due to the drought ravaging the country. The exchange cut its corn estimate to 48 million metric tons from a previous forecast of between 50 million and 51 million tons. The exchange pointed to extreme temperatures, low relative humidity and high levels of solar radiation as the main reasons behind its sharp reduction in forecast. These factors "aligned negatively at the most critical time for early corn," he added. Argentina is the third largest global supplier of corn and the largest global exporter of soybean meal and oil. In a report, the exchange said it also sees 2024/25 soybean production below its previous forecast, between 53 million and 53.5 million tons, but the institution did not specify a number. The agency highlighted that the lack of rain that affected ...