Argentina’s Rosario grains exchange has reduced its 2024/25 corn harvest forecast to 48 million metric tons from an earlier estimate of 50-51 million tons, attributing the decrease to drought conditions. The forecast for soybean production has also been lowered, with expectations now below 53 million tons. Extreme temperatures and lack of rainfall are the primary concerns affecting crop yields.
Argentina’s Rosario grains exchange has revised its corn harvest forecast for 2024/25 down to 48 million metric tons from an earlier estimate of 50 to 51 million tons due to ongoing drought conditions. Extreme temperatures, low humidity, and elevated solar radiation were identified as primary contributing factors, particularly during crucial stages of early corn development.
As the third largest global corn supplier and leading exporter of soybean meal and oil, Argentina plays a vital role in the agricultural market. The exchange has also reduced expectations for soybean production in 2024/25, indicating figures will fall below the previous forecast range of 53 to 53.5 million tons, although no specific numbers were provided.
The persistent lack of rainfall in Argentina’s agricultural heartland over the past month has negatively impacted soybean yields, leading to the dismissal of previously anticipated high productivity scenarios. Although some precipitation is forecasted in the near future, the expected rainfall levels are projected to be low.
The Rosario grains exchange has lowered its forecasts for both corn and soybean production for the 2024/25 agricultural cycle due to drought conditions. Key factors leading to this revision include extreme weather conditions that affect crop yields. With Argentina’s significant role in global grain markets, these adjustments may have broader implications for international supply.
Original Source: www.agriculture.com
